The invention relates to a wet separation technology for a material containing lead, bismuth and molybdenum, belonging to the technical field of nonferrous metallurgy. The material containing lead, bismuth and molybdenum provided by the invention comprises the following steps of: firstly carrying out ball milling on the material containing lead, bismuth and molybdenum, pulping by adding pure alkaline and an oxidant, and leaching out a pulping material liquid by heating, so that molybdenum exists in a leaching liquid in the form of sodium molybdenum, and lead bismuth silver copper iron slag is formed for lead, bismuth, silver, copper and iron remaining in leached slag; dissolving lead by hydrochloric acid deposition part of leachate, forming lead slag, smelting and recycling by a lead fire method, then adding calcium chloride, and depositing calcium molybdate; leaching out the lead bismuth silver copper iron slag by sulfate, sodium chloride and hydrogen peroxide, and separating Pb in the form of silver and lead slag; and depositing the bismuth in the liquid after lead deposition through hydrolysis, thus the separation of lead, bismuth and molybdenum is realized. According to the invention, the metal recovery rate is high, the separation effect is good, the waste liquid is recycled, no waste slag is produced, and the technology is environmentally-friendly and safe.