The problems of environmental protection caused by the development in the lead and zinc industry have been increasingly serious, which have hindered its sustainable development. Based on the institutional economic analysis on the problems of environmental protection in the non - ferrous lead and zinc industry, this paper proposes that the transferable pollution right theory should be established, and offers the management countermeasures for urging the sustainable development in non - ferrous lead and zinc industry from the viewpoints of macroeconomic policy and institutions.