Composting leachates were collected to investigate the fluorescent characteristic and compositional change of dissolved organic matter (DOM) and the effects of the DOM and nutrients on heavy metal distribution during a leachate combination treatment process. Excitation-emission matrix (EEM) fluorescence spectra showed that, with the progress of the treatment units, the content of fulvic-like, humic-like, and protein-like substances gradually decreased. One fulvic-like component (C1), three humic-like components (C2, C3, and C4), and three protein-like components (C5, C6, and C7) were identified in the leachate DOM by parallel factor analysis. Anaerobic-aerobic processes removed a large fraction of the tyrosine-like component (C7) and tryptophan-like component (C6) and a small amount of humic-like component (C2), while the membrane bioreactor showed a good removal effect on protein-like component. The ultra-filtration membrane treatment had a removal effect on fulvic-like and humic-like component and other recalcitrant compounds, while the reverse osmosis treatment had a good removal effect on both humic-like and protein-like components. Correlation analysis indicated that Mn and Cr were primarily associated with protein-like components and nutrients in the composting leachates. Ni and Pb were bound to fulvic-like, humic-like, and protein-like components, Co and Zn interacted with inorganic nitrogen and total phosphorus, and Cd only interacted with inorganic nitrogen.