An interphase migration and enrichment model of lead and zinc during molten copper slag depletion was established. The occurrence of various components in copper slag was predicted using sulfur-oxygen potential calculations and confirmed through high-temperature experiments. The recovery rate of copper can reach 90.13% under the optimal conditions of 1200 °C, an iron to silicon mass ratio of 1.0, 3 wt.% ferrous sulfide, and a duration of 45 min. Lead (54.07 wt.%) and zinc (17.42 wt.%) are found in the flue dust as lead sulfate, lead sulfide, and zinc oxide, while copper matte contains lead (14.44 wt.%) and zinc sulfide (1.29 wt.%). The remaining lead and zinc are encapsulated as oxides within the fayalite phase.