The invention relates to a low-grade lead-zinc oxidized ore resource utilization method and belongs to the field of lead-zinc oxidized ore resource comprehensive utilization. The method comprises thespecific technological steps of conducting crushing and ball milling on low-grade lead-zinc oxidized ores and then conducting bulk flotation to select lead-zinc concentrates and flotation tailings; conducting magnetic separation on the flotation tailings to enable the iron content of the tailings to be 3%-5% and obtaining iron ore concentrates and magnetic separation tailings; adding a finely ground reducing agent, limestone and shale to the magnetic separation tailings to be subjected to even mixing and pelletizing, and conducting lead-zinc reduction volatilization in a rotary kiln to obtainlead-zinc oxide smoke dust through a dust collection system; and feeding kiln slag into a cement kiln to be subjected to calcinating to obtain cement clinker. Through the low-grade lead-zinc oxidizedore resource utilization method, extraction of valuable metals of the low-grade lead-zinc oxidized ores and resource utilization and flotation of volatilizing kiln slag are implemented synchronously,the lead-zinc mixed concentrates and iron concentrates are obtained through flotation and magnetic separation, lead-zinc smoke dust is obtained through lead-zinc enrichment to serve as a raw materialfor lead-zinc metallurgy, cement is produced through reduction volatilization kiln slag calcination, and no waste residues are produced.