Abstract: To address the technical challenge of low comprehensive recovery rates in a low-grade and highly oxidized Pb−Zn ore resource with associated gold and silver in Yunnan Province, a systematic process mineralogy diagnosis and a combined beneficiation-metallurgy process were developed. Based on the principle of "ore-specific processing," an integrated cascade recovery solution was proposed, consisting of "preferential flotation for simultaneous enrichment of lead, zinc, and silver, high-intensity magnetic separation for efficient pre-concentration of gold-bearing iron minerals, and fine grinding of iron concentrate for enhanced cyanidation gold leaching." This approach significantly improved the comprehensive utilization efficiency of the polymetallic resource. The lead concentrate obtained from the closed-circuit test had a lead grade of 60.54 %, a gold grade of 25.12 g/t, and a silver grade of 1 116.00 g/t, with recovery rates of 68.99 % for lead, 71.70 % for gold, and 88.38 % for silver. The zinc concentrate had a zinc grade of 46.24 % and a recovery rate of 58.84 %. The gold-bearing iron concentrate had an iron grade of 48.89 % and an iron recovery rate of 59.01 %. Through the magnetic separation–leaching process, an additional 16.75 % of gold was recovered, bringing the total gold recovery to 88.45 %. This study not only provides a practical and feasible technical route for the economic development of such complex ores but also offers a new concept of "combined beneficiation-metallurgy and staged extraction" for the recovery of fine-grained gold hosted in iron minerals. This study holds significant theoretical significance and practical value.