A technology was developed for managing Zn-bearing dust, facilitating the recycling of hazardous solid waste and the production of porous carbon materials. In the one-step process, Zn-bearing dusts were employed not only as raw materials to prepare reduced Zn-bearing dust pellets but also as activators to prepare K, Na-embedded activated carbon. In the process, the Fe, C, Zn, K, and Na in the dusts were rationally utilized. Under optimal conditions, the reduced pellets and porous carbon materials were simultaneously produced and characterized using XRD, SEM/EDS, FTIR, and adsorption of nitrogen techniques. The results indicated that the reduced pellets, with low levels of harmful elements and high iron grade and strength, could be directly used as burden for enhancing blast furnace operation without additional agglomeration. Meanwhile, the K and Na-embedded porous carbon material demonstrated superior SO