<p>The typical Shuikoushan (SKS) lead smelting process comprises oxidative smelting of lead concentrate, reductive smelting of lead-rich slag, and fuming of reduced slag. It is characterized by a lengthy process with high energy consumption and CO₂ emissions. To simplify the SKS process, this paper combines reductive smelting with fuming to enable the short-flow treatment of Pb-rich slag as well as concurrent extraction of lead, zinc, and iron. Zinc evaporates into the gas phase and can be recovered therein. Iron oxide is reduced to iron melt, which can enrich and fix the arsenic. In this paper, thermodynamic analysis and laboratory tests were conducted to demonstrate the feasibility of the novel process. The effects of slag composition, smelting temperature, and holding time on the extraction of Zn, Pb, and Fe were investigated. Under optimized conditions, CaO/SiO₂ mass ratio of 1.1, Al₂O₃/SiO₂ mass ratio of 0.4, temperature of 1450 °C, and holding time of 30 min, 99.93 pct Zn were volatilized, while the liquid lead yield and the reduction rate of iron oxide reached 49.38 and 94.50 pct, respectively. The distribution of copper, antimony, arsenic, and bismuth between iron melt and lead melt was analyzed through the microscopic characterization.</p>