Antimony ore tailings slag was used analyze heavy metals, chemical speciation, and leaching characteristics. The results show that the residual silicate phases account for 65.44% of Sb, 77.22% of As, 87.94% of Hg, 58.53% of Pb, 71.27% of Cd, and 96.34% of Zn. Although the exchangeable and carbonate phases account for 7.71% of Sb, 0.71% of As, 3.77% of Hg, 4.82% of Pb, 1.83% of Cd, and 1.73% of Zn, the water-or-acid-soluble phases contribute more to the chemical speciation of heavy metals. Concentrations of Sb, As, and Hg in the leachates increased with increasing solid-liquid ratio, decreasing particle size and increasing temperature. In simulated rainfall conditions, the total quantity increased in the order Sb > As > Hg and were 42.508 mg, 52.940 μg, and 0.876 μg, respectively, at 500 g antimony ore tailings. Under different rainfall intensity simulations, the maximum quantity in the leachates of Sb, As, and Hg were 93.894 mg, 255.451 μg, and 1.690 μg, respectively, and increased in the order of moderate > heavy > rainstorm. Finally, the cumulative leaching of Sb at pH 6.0 is 42.025 mg/L (higher than at 4.0 and 5.0), and the As and Hg at pH 4.0 are 107.097 μg/L and 0.989 μg/L, respectively.