The invention relates to a method for processing arsenic-antimony fume by using a replacement-reduction method so as to recover arsenic and antimony, belonging to the field of non-ferrous metallurgy technologies. The method comprises the steps of recovering arsenic by using a replacement method firstly: adding antimony powder into arsenic-antimony fume, and then simultaneously carrying out a displacement reaction on the obtained mixture for 30-120 min at the temperature of 500-800 DEG C and collecting antimony trioxide volatile fume, so that after the reaction is completed, crude arsenic is obtained; recovering antimony by using a reduction method: adding a reducing agent into the antimony trioxide volatile fume obtained in the last step, and then carrying out a reduction reaction on the obtained mixture for 30-180 min at the temperature of 800-1000 DEG C, so that crude antimony is obtained finally, wherein the mass ratio of antimony trioxide to the reducing agent is 10:(1-3). According to the invention, by fully using the characteristic that antimony trioxide is easily volatile at low temperature, arsenic in arsenic-antimony fume is replaced with antimony powder, and antimony trioxide is volatilized, so that crude arsenic is obtained, and then antimony trioxide is subjected to reduction smelting so as to obtain crude antimony, therefore, the method disclosed by the invention is simple in process and has better industrial application prospects.