This paper reviews the history of the extractive metallurgy of lead and describes the characteristics of modern lead smelting technologies. In view of the present situation of lead bullion smelting in China, and on the basis of years' research on the treatment of high-lead slag by YMG, the paper introduces the ISA-YMG smelting process for lead bullion, which is effective, energy-saving and clean, and provides the results of industrial tests of the YMG reduction smelting.