The invention discloses a process method for cooperatively and continuously processing waste containing iron and/or zinc, lead, copper and tin, and the like and molten steel slag on line, separating and recycling metal such as iron, zinc, lead, copper and tin as well as molten slag. The cooperative processing and recycling method is characterized in that pellets prepared from waste containing iron, zinc, lead, copper, tin and the like, particles, a blocky material containing iron, zinc, lead, copper, tin and the like and high-temperature molten steel slag are added into a reducing, volatilizing and smelting furnace, molten iron, which is obtained by air-blowing, adding of fuels such as coal gangues and flux such as high silicon and high aluminum, high-temperature reducing and volatilizingtreatment, is discharged from an iron outlet of the reducing, volatilizing and smelting furnace; volatilized substances such as zinc and lead and smoke gas are sucked into a dust collector for being collected and utilized; enriched metal such as gold, silver, copper, tin and lead is discharged from a discharge hole in the bottommost part of the reducing, volatilizing and smelting furnace for beingrecycled; and molten slag is discharged through a slag outlet, water slag and the like or the molten slag is returned into a converter for being recycled. Waste containing iron, zinc, lead, copper, tin and the like, molten steel slag and coal gangue waste slag and the like are cooperatively and continuously treated to separate and recycle useful metal, so that remarkable energy-saving environment-friendly social benefits and economic benefits are achieved.