A new process was proposed to recover high-purity lead by direct electrolysis in a sulfuric acid electrolyte without changing the composition of the cathode products. Compacting the waste lead paste products from suspension electrolysis significantly enhanced the conductivity of the cathode products. The dynamic reduction mechanism and microscopic morphological changes of the cathode product during compaction electrolysis was investigated. Compared with the direct compaction process (3.71 W·h/g), the electrolysis using precursors (1.91 W·h/g) could significantly reduce energy consumption, and the recovery of metallic lead reached 97. 12%. Meanwhile, suspension electrolysis was favorable for producing the active intermediate BS(PbO) (PbSO4), and the electrolyte could be recovered to collect H2SO4 during the entire electrolysis process. This innovative technology may provide an efficient, convenient, environmentally friendly and low-cost process for recovering metallic Pb from waste Pb paste.