This work presents studies on the co-combustion of sludge and wheat straw (30 wt % sludge + 70 wt % wheat straw). Prior to the combustion experiment, thermogravimetric analysis was performed to investigate the combustion characteristic of the blended fuel. Results indicated that the blended fuel could remedy the defect of each individual component and also promote the combustion. Co-combustion experiments were conducted in a lab-scale vertical tube furnace and the ash samples were analyzed by Inductively Coupled Plasma Optical Emission Spectrometer (ICP-OES), X-ray Diffraction (XRD), and Scanning Electron Microscope (SEM). Thermodynamic calculations were also made to study the interactions that occurred. Addition of sludge could raise the melting point of wheat straw ash and reduce the slagging tendency. Co-combustion also restrained the release of K and transferred it into aluminosilicate and phosphate. Transfer of Pb and Zn in the co-combustion was also studied. The release and leaching toxicity of the two heavy metals in the co-combustion were weakened effectively by wheat straw. PbCl₂(g) and ZnCl₂(g) could be captured by K₂SiO₃ in wheat straw ash particles and generate silicates. Interactions that possibly occurred between K, Zn, and Pb components were discussed at the end of the paper.