Two sample groups of bulk concentrates consisting mainly of pyrite and chalcopyrite from Daye and Chenghchao Mines in Hubei Province of China were used to investigate the effect of the action time of lime on its depressive ability for pyrite. The experimental results conducted with different samples and collectors showed that the action time between lime and pyrite markedly influences the depressive ability of lime. The depressive ability of lime increased with the action time increasing. It was also proved that the depressive results obtained at a large lime dosage after a shorter action time are similar to those obtained at a small lime dosage after a longer action time. The increase of depressive ability of lime after a longer action time is because that there are different mechanisms in different action time. The composition on the surface of pyrite acted for different time with lime was studied by using ESCA (Electron Spectroscopic Chemical Analysis). The results showed that iron hydroxide and calcium sulphate formed on the pyrite surface at the presence of lime in the pulp but the amounts of iron hydroxide and calcium sulphate were different at different action time. At the beginning action time the compound formed on the pyrite surface was mainly calcium sulphate and almost no iron hydroxide formed; but with the action time increasing, iron hydroxide formed. The longer the action time, the more iron hydroxide and the less calcium sulphate formed. It was considered that the stronger depressive ability of lime after a longer action time is because more iron hydroxide forms on the pyrite surface.