In this paper, aimed at tackling the poor lead flotation indexes in the Panlong lead-zinc mine in Guangxi, the authors studied in detail the chemical composition, phase composition, target mineral size and distribution characteristics of lead in the Panlong lead-zinc mine by means of chemical multielement analysis, phase analysis, optical microscopy identification and dissociation degree statistics so as to probe into its physical characteristics. The results show that lead middling 1 contains 2.03% Pb, which mainly occurs in galena. At the same time, the overall size of galena is small. After screening and classification, the distribution characteristics of galena in the products of different particle sizes are very different. Some lead-bearing mineral particles of +74 and -74~+39 micron are mainly lead-zinc-sulfur complex conjoined aggregates, and the total occupancy of these two grades of metals is more than 56%. It is the key to constraining the lead flotation indexes of the Panlong lead-zinc mine. According to the above research results, it is recommended to adopt the grading grinding process to improve the dissociation degree of lead monomer in lead middling 1, so as to further improve the recovery rate of lead metal in lead concentrate.