A novel process, including hydrochloric acid leaching, iron powder replacing, sulphide precipitation and spray pyrolysis, was proposed to treat iron concentrate recovered from zinc kiln slag for comprehensive utilization. Treated by solution of 6 mol/L hydrochloric acid at 60 ℃, the leaching rates of Ag, Pb, Cu, Fe and Zn reached 99.95%, 99.34%, 95.07%, 89.44% and 57.92%, respectively. More than 98% Cu and Ag were recovered from the leach liquor when stoichiometric ratio of iron powder was 1.25 times of the theoretical value. More than 96% Pb and Zn was removed with three times of theoretical consumption of FeS, and the concentration of impurities of the final solution was less than 500 mg/L. Fe2O3 powder, which was spherical with mean size of 12 μm and purity of 99%, was prepared with final solution at above 700 ℃.