Ion-adsorbing rare earth tailings (IRETs) contain a large amount of clay minerals, which are a potential source of silicon and aluminum for the preparation of zeolite materials. The complexity of the tailings’ composition and the impurity composition are the main difficulties in the controllable preparation of zeolite. Herein, IRETs were treated by classification activation technology for the preparation of IRET-ZEO, which was used for the removal of heavy metal Pb2+ in water. A new method of resource utilization of ion-type rare earth tailings is realized by “treating waste with waste”. The results showed that the IRETs were classified and then thermally activated, and the optimal activation parameter was calcination at 850 °C for 1 h. The optimal NaOH concentration used in the crystallization process was 5 mol/L, with a crystallization time of 3 h and a crystallization temperature of 85 °C, and the crystallization product was zeolite A. The removal rate of the Pb2+ solution with an initial concentration of 100 mg/L was as high as 96.7% in an acidic solution with a pH value from 2 to 5.5. In particular, when the solution pH was higher than 4.2, the adsorption rate of Pb2+ was close to 100%. The IRET-ZEO showed a fast adsorption rate (5 min to reach adsorption equilibrium), a large adsorption capacity (378.35 mg/g), excellent acid resistance, and selectivity and regenerability for Pb2+. This work provides a new strategy for the green resource utilization of IRETs and the treatment of lead-containing wastewater.