Abstract: An analytical framework of lead elemental flow was established based on substance flow analysis and aimed at solving lead metal pollution during the lead bullion smelting process. The sources and endpoints of lead flow in liquid high-lead slag direct reduction process were researched by monitoring and analyzing both sampled and accounting data of batching system, bottom-blown furnace, reduction furnace and fuming furnace. The results showed that the equilibrium coefficient and recovery ratio of lead bullion smelting system were 98.61% and 98.28%, respectively. However, its direct obtain rate was only 74.39%. Hence, there was more room to improve the process compared with the internationally advanced level. The dust and lead dust generation per unit crude lead were 0.636 and 0.308 t/t, respectively. The highest contributing emitter was the chimney of reduction-fuming furnace, followed by the post environmental chimney and the bottom-blown furnace chimney, which accounted for 69.06%, 25.81% and 5.13% of the exhaust emissions of lead, respectively. Several improvements that would provide theoretical references to further study on reducing lead metal emission were put forward regarding the existing problems in lead bullion smelting process, including optimizing the lead direct obtain rate, reducing dust yield and the fugitive emission, and applying the cooperative technique integrating desulfurization with dust separation.