The Jinbaoshan Pt-Pd deposit is China’s largest independent PGM deposit. However, the deposit has not been utilized until now because of the low grade of precious metals, the complex mineral composition, and, notably, the presence of precious metals in the microgranular material disseminated to other minerals. Its high MgO content, in particular, is regarded as a challenge for efficiently recovering precious metals via mature pyrometallurgical methods. In this research, the feasibility of a smelting process to recover precious metals from Jinbaoshan Pt-Pd concentrates at a conventional smelting temperature (1350 °C) with the addition of iron ore as a metal collector and SiO₂ and CaO as fluxes was verified on the basis of thermodynamic slag design and experimental analyses. Under the optimal conditions of 100 g of the Pt-Pd concentrates, 32.5 g of SiO₂, 7.5 g of CaO, and 30 g of iron ore at 1350 °C for 1 h, the extraction efficiencies of Au, Pt, and Pd were 94.66%, 96.75%, and 97.28%, respectively. This strategy enables the rapid collection of PGMs from Jinbaoshan Pt-Pd concentrates at the conventional temperature within a short time and minimizes the use of fluxes and collectors, contributing to energy and cost conservation.