The increase of metal mining, processing, and smelting activities has precipitated a substantial escalation in the contamination of soil by heavy metals. Ferrihydrite (FH) has been commonly used as an amendment for the immobilization of heavy metals in contaminated soil. However, FH suffers from drawbacks such as agglomeration and nonmigratory characteristics, which limit its practical application in soil remediation. Herein, a novel spent grain-modified ferrihydrite (FH-SG) colloidal system was developed, and the FH-SG transport mechanisms in the soil medium were fully studied, focusing in particular on the simultaneous in situ stabilization of arsenic (As), lead (Pb), and cadmium (Cd) in co-contaminated soil. The results showed that the stabilization rates of the FH-SG material reached 94.66%, 96.12%, and 95.52% for water-soluble As, Pb, and Cd, respectively, and 72.22%, 49.39%, and 25.30% for bioavailable As, Pb, and Cd, respectively. The FH-SG material demonstrates notable migration properties in porous media. Theoretical calculation results of a single collector show that the migration deposition of FH-SG material in media is primarily governed by its inherent diffusion characteristics with minimal influence by gravitational forces and media interception. It is noteworthy that the maximum migration distance in quartz sand and soil media with different particle sizes can reach 2.07–2.92 m and 0.78–1.08 m, respectively. Altogether, our findings clearly demonstrate that FH-SG exhibits better stabilization and migration than those of FH alone and most proposed FH colloidal systems. The FH-SG colloidal system holds significant promise for the remediation of various kinds of complex polluted soil.