The invention discloses a metal melted bead separation system and a metal melted bead separation method based on compound magnetic fields and a spiral chute. The system comprises a shell, the spiral chute, a traveling-wave magnetic field generation device and a rotating magnetic field generation device, wherein the spiral chute is fixed by a support perpendicularly, the traveling-wave magnetic field generation device is positioned below or above the spiral chute, and the rotating magnetic field generation device is welded on the shell and arranged around the spiral chute uniformly. The method includes (1) roughing separation, namely enabling a mixture of fire trace articles and water to enter the spiral chute via a feeding port of the spiral chute, and turning on the traveling-wave magnetic field generation device and the rotating magnetic field generation device to collect so as to obtain inner and outer trace articles different in density and particle size, and (2) fine separation, namely, respectively placing the inner and outer trace articles obtained after rough separation into the fire trace article feeding port to enter the spiral chute for fine separation, and turning on the traveling-wave magnetic field generation device and the rotating magnetic field generation device and collecting to obtain metal melted beads and nonmetallic substances. By the system and the method, the metal melted beads can be separated from the nonmetal substances effectively.