The invention discloses an 
oxygen-rich reduction furnace for 
processing a low-grade multi-
metal material. The 
oxygen-rich reduction furnace comprises a furnace 
crucible, a 
copper water jacket furnace wall and a 
copper water jacket furnace top which are sequentially arranged from bottom to top, wherein a steel structure frame body is arranged on the periphery, and the furnace 
crucible is positioned on a bottom surface framework of the steel structure frame body; the 
copper water jacket furnace wall comprises a plurality of 
layers of copper water jackets, an air 
nozzle and a 
hole punching and 
slag discharge device are arranged at the bottom of the copper water jacket at the bottom layer, and a 
fixed frame for connecting with the steel structure frame body is arranged on the outer wall of the copper water jacket furnace wall; and the copper water jacket furnace top is hung at the upper end of the steel structure frame body, and a 
solid feed port, a liquid feed port and a 
flue port for 
smoke exhaust, which are communicated with the copper water jacket furnace top, are arranged at the upper end of the copper water jacket furnace top. The heating surfaces of all the copper water jackets are embedded with dovetail groove-shaped bricks, so that the service life of the copper water jackets is greatly prolonged, and the structure of the 
hole punching and 
slag discharge device can overcome the defects that a water jacket at a 
slag notch is prone to 
water leakage, and shutdown is required for replacing the water jacket. The 
oxygen-rich reduction furnace disclosed by the invention adopts an oxygen-rich melting 
pool for melting and has the characteristics of small 
smoke gas amount, low heat which is taken away by 
smoke gas, high temperature of the melting 
pool and easiness in volatilization of lead and 
zinc.