Based on the investigation of the characteristics of the waste rocks of Xinqiao pyrite mine in Tongling, the possibility of AMD was discussed, and the speciation of Pb in the waste rocks was studied by the improved five steps sequential extraction method. The results reveal that the NP is less than the AP, the waste rocks have a high acid potential and produce AMD. The speciation of Pb in the waste rocks exist mainly in the silicate, secondly in deoxidize and oxidizable mode. But the Pb contents in the deoxidize mode are correlative to the total contents in waste rocks, if the waste rocks react with the AMD, the Pb in the deoxidize and oxidizable modes may easily release from the waste rocks. So the Pb has high environmental risk.