In China, rapid development of electric vehicles resulted in large consumption of lead and lead products such as lead acid batteries (LABs). Recycling LABs is one option to mitigate natural resource depletion and corresponding environmental issues. However, few studies have been conducted to measure the operation of LABs recycling industry. Consequently, it is necessary to initiate such a study so that key barriers on promoting this industry can be identified. Under such a circumstance, this study proposes an emergy-based evaluation framework to evaluate one LABs recycling firm in Yunnan so that the emissions’ impact on human health and ecosystem from this firm can be quantified. A set of emergy-based indicators are established to evaluate the sustainability of this recycling firm. The results show that the investigated system had a higher emergy efficiency compared with that primary ore exploitation system. However, the extremely low values of emergy indicators indicate that this recycling system could not achieve sustainable development goals due to its heavy dependence on nonrenewable resources. Based upon such results and local realities, policy suggestions are raised in order to improve the overall sustainability of such a recycling system.