Heavy metal pollution has become one of the most serious environmental problems today. The preparation of magnesium hydroxy carbonate from low-grade magnesite, and the chemical precipitation of heavy metal wastewater with magnesium hydroxy carbonate as precipitating agent were undertaken. The removal efficiencies of heavy metals were improved by increasing the dose of magnesium hydroxy carbonate, and the applicable dose of magnesium hydroxy carbonate was 0.30 g for 50 mL of the wastewater (6,000 mg/L). The precipitation reactions proceeded thoroughly within 20 min. At this time, the removal efficiencies of heavy metals were above 99.9%. The final pH value was 7.1, the residual VO2 +, Cr3+ and Fe3+ concentrations were 0.01, 0.05 and 1.12 mg/L, respectively, which conformed to the limit of discharge set by China (0.5-2.0 mg/L, GB 8978-1996). The precipitate was mainly composed of Fe2O3, V2O5 and Cr2O3, which can be recycled as secondary raw material for metallurgical industry. The treatment of the heavy metal wastewater with magnesium hydroxy carbonate was successful in decreasing the concentrations of VO2 +, Cr3+ and Fe3+ in wastewater.