An agent for selective antimony and arsenic removal and tin retaining includes 10-30 wt % of aluminum, 65-85 wt % of calcium, 1-10 wt % of coke powder, and 1-5 wt % of lead powder. According to the content of antimony in lead, the antimony and arsenic removal and tin retaining agent is added to a molten lead which is at a temperature of about 550-650° C. at a certain proportion so as to carry out an antimony and arsenic removal reaction; after the reaction is completed, cooling is carried out, and antimony and arsenic scum is fished out to obtain a molten lead with antimony and arsenic removed; the content of antimony and arsenic is reduced to 0.0005 wt % or less, and the content of tin is substantially unchanged. The production costs for lead alloy preparation are reduced, and no smoke and odor appear in an antimony and arsenic removal reaction process.