This paper compares the stabilization performances of three dithiocarbamate and three phosphate chemical stabilizing agents, selects the best agents from each group, combines them as a mixed heavy metal stabilizer for municipal solid‐waste incineration (MSWI) fly ash, and investigates the effectiveness of the mixed chelator in stabilizing heavy metals in MSWI fly ash from southwest China. The mechanism of stabilization is also analyzed. Results indicate that piperazine dithiocarbamate can stabilize Cd, Cu, and Ni effectively, while sodium dihydrogen phosphate can stabilize Pb better. With the addition of the mixed chelator (2% sodium dihydrogen phosphate and 1% piperazine dithiocarbamate), all the targeted heavy metal concentrations in the leachate were below the standards for pollution control on municipal solid waste landfill sites in China. The stabilizing agents combined with the heavy metals in fly ash could not generate insoluble crystals; however, the heavy metals could combine with the agents' effective groups, generating flocs in the pores or on the surfaces of the fly ash and offering significant densification. The mixed chelator could transfer heavy metals from unstable fractions to stable fractions, so the leaching of heavy metals from the fly ash was greatly decreased.