A novel method for preparing ultrafine PbS powders involving sulfurization combined with inert gas condensation is developed in this paper, which is applicable to recycle Pb from lead paste of spent lead-acid batteries. Initially, the effects of the evaporation and condensation temperature, the inert gas pressure, the condensation distance and substrate on the morphology of as-obtained PbS ultrafine particles are intensively investigated using sulfur powders and lead particles as reagents. Highly dispersed and homogeneous PbS nanoparticles can be prepared under the optimized conditions which are 1223 K heating temperature, 573 K condensation temperature, 100 Pa inert gas pressure and 60 cm condensation distance. Furthermore, this method is successfully applied to recycle Pb from the lead paste of spent lead acid battery to prepare PbS ultrafine powders. This work does not only provide the theoretical fundamental for PbS preparation, but also provides a novel and efficient method for recycling spent lead-acid battery with high added-value products.