Red mud and phosphogypsum are voluminous industrial by-products worldwide. They have long been disposed of in landfills or open storage, leading to a waste of resource and environmental pollution. This study provides a novel approach to recycle these industrial by-products as sustainable red mud-phosphogypsum-Portland cement (RPPC) binders for stabilization/solidification (S/S) of multimetal-contaminated soil. The physical strength, metal leachability and microstructure of S/S soil were investigated after 7-day and 28-day curing, as well as freezing-thawing (F-T) cycle and wetting-drying (W-D) cycle. The results show that the strength of soil treated by all binders fulfilled the uniaxial compressive strength requirement (350 kPa) of S/S waste in landfills. Microstructural analyses show that the main hydration products of the RPPC S/S soil are ilmenite, ettringite, anhydrite and hydrated calcium silicate. The 10% and 15% RPPC binders have a competitive metal immobilization ability compared with 10% PC, but the immobilization priority is different: Pb > Zn > Cd in RPPC system and Zn > Cd > Pb in PC system, respectively, probably due to the precipiataion of Pb²⁺ with the abundant SO₄²⁻ in phosphogypsum in RPPC system. The strength of RPPC and PC treated soil was still higher than 350 kPa except for RPPC7.5 after 10 freeze-thaw or 10 wetting-drying cycles. The RPPC binder performed worse than PC binder after both freeze-thaw and wetting-drying cycles, especially at a lower dosage. Only the metal leaching concentrations of samples treated by RPPC15 and PC10 could fulfil the Chinese standards for hazardous wastes.