In an effort to assess the potential contamination and determine the environmental risks associated with heavy metals, the surface sediments in Liaodong Bay, northeast China, were systematically sampled and analyzed for the concentrations of Cu, Pb, Zn, Cr, Ni, As, and Hg. The metal enrichment factor (EF) and geoaccumulation index (I (geo)) were calculated to assess the anthropogenic contamination in the region. Results showed that heavy metal concentrations in the sediments generally met the criteria of China Marine Sediment Quality (GB18668-2002); however, both EF and I (geo) values suggested the elevation of Pb concentration in the region. Based on the effect-range classification (TEL-PEL SQGs), Cu, Pb, Ni, and As were likely to pose environment risks, and the toxic units decreased in the order: Ni > Pb > Cr > Zn > As > Cu > Hg. The spatial distribution of ecotoxicological index (mean-ERM-quotient) suggested that most of the surface sediments were "low-medium" priority zone. Multivariate analysis indicated that the sources of Cr, Ni, Zn, Cu, and Hg resulted primarily from parent rocks, and Pb or As were mainly attributed to anthropogenic sources. The results of this study would provide a useful aid for sustainable marine management in the region.