Municipal solid waste incinerator (MSWI) fly ash was regarded as a hazardous material because concentrations of TCLP leaching solution exceeded regulations. Previous studies have investigated the characteristics of thermally treated slag. However, the emissions of pollutant during the thermal treatment of MSWI fly ash have seldom been addressed. The main objective of this study was to evaluate the emission of Pb and PAHs from thermally co-treated MSWI fly and bottom ash process. The experimental parameters included the form of pretreatment, the proportion of bottom ash (bottom ash/fly ash, B/F=0, 0.1 and 1) and the retention time. The toxicity of thermally treated slag was also analyzed. The results indicated that (1) Pb emission occurred only in the solid phase and that PAHs were emitted from both solid and gas phases during thermal treatment process. (2) Washing pretreatment reduced not only the TCLP leaching concentration of Pb (from 15.75 to 1.67 mg/L), but also the emission of PAHs from the solid phase during thermal treatment process. (3) Adding bottom ash reduced the TCLP leaching concentration of thermally treated slag. (4) The concentration of Pb emission increased with retention time. (5) The thermal treatment reduced the toxicity of raw fly ash effectively, the inhibition ratio of raw fly ash and thermal treated slag were 98.71 and 18.35%, respectively.