Waste incineration is a widely used treatment method, and sustainable approaches are required to properly recycle large volumes of incineration ash to reduce environmental impacts and landfill space consumption. Studies have focused on the potential of recycling incineration ash as a replacement for natural aggregates in civil engineering applications, such as road construction. However, industrial waste incineration ash, such as waste tire incineration ash, contains hazardous heavy metals, such as lead and zinc that pose potential environmental threats. Moreover, few studies have investigated the leachability of these hazardous metals after long-term natural aging. This study investigates the long-term evolution of leachate chemistry, mineralogical transformation, and heavy metal fixation performance of a recycled roadbed material using ash from industrial waste incineration of waste tires and biomass (SFA). Additionally, field samples from a five-year pilot test site utilizing SFA were also examined. Regulatory leaching tests showed that the concentrations of Cd, Pb, As, T-Cr, and Ni were all below permissible limits even after five years of utilization. Long-term column leaching experiment results indicated that, compared to the total content of the SFA material, the leaching ratios of Pb, T-Cr, Cu, and Zn were 27%, 12%, 5%, and 0.1%, respectively. The SFA pH-stat leaching test results demonstrated that the mass release of the total content of heavy metals was relatively minimal, even under acidic pH conditions (pH < 4). Finally, profiles of pH and major ions in leachate from the column leaching experiment were simulated using HYDRUS HP1, implementing a dual-porosity modeling approach. In conclusion, despite containing hazardous heavy metals, SFA exhibits significantly low leaching rates over a long-term period.