Gaseous Hg0 adsorption by metal sulfides is considered as a surface reaction, and most active S species may not be fully utilized during this process, causing the wastage of these valuable resources. To maximize the utilization of active S resource in FeSx/Fe2TiO5 after gaseous Hg0 adsorption, FeSx/Fe2TiO5 was exploited as a bifunctional sorbent to alternately adsorb gaseous Hg0in smelting flue gas and aqueous Hg2+in waste acid. FeSx/Fe2TiO5 demonstrated exceptional performance in adsorbing both gaseous Hg0 and aqueous Hg2+. The utilization of active S resource in FeSx/Fe2TiO5 was significantly improved after the alternating adsorption of gaseous Hg0 and aqueous Hg2+. FeSx/Fe2TiO5 showed strong super-paramagnetism, enabling it to be recovered via magnetic separation for recycle and regeneration. The spent FeSx/Fe2TiO5 can be effectively regenerated by re-reacting it with gaseous H2S for recycle. Hg species adsorbed on FeSx/Fe2TiO5 were primarily desorbed as extremely high levels of gaseous Hg0, which was afterwards recovered via a condensing unit as liquid Hg0 for centralized control. Therefore, the alternating adsorption of gaseous Hg0 in smelting flue gas and aqueous Hg2+ in waste acid using FeSx/Fe2TiO5 offered significant advantages in the centralized control of Hg pollution in smelters, double as fully utilizing its active S resource.