The separation of lead and zinc from tailings with high mud content in Yunnan was examined, which was characterized by a fine particle size, severe argillization, and relatively complex properties. A combination of flotation and gravity separation of mud and sand was adopted to effectively separate lead and zinc and realized the comprehensive recovery and utilization of the complex tailing resources. Results revealed that the lead content was 4.29wt% and that the zinc content was 4.99wt%. Lead mainly existed as cerussite and plumbojarosite. Lead and iron metasomatize to form different wrapping forms, making separation extremely difficult. Zinc mainly existed as zinc oxide, which exhibited a high degree of oxidation. Zinc oxidation rate reached up to 99%, and it was mainly difficult to separate hemimorphite. Ultimately, the lead concentrate with a lead grade of 33.87% and a recovery rate of 62.53% were obtained by the closed-circuit beneficiation process; the silver content in the lead concentrate and its recovery rate were 142.50 g/t and 30.92%, respectively; the zinc concentrate with a zinc grade of 15.21% and a recovery rate of 47.82% were obtained.