As an important port in the Beibu Gulf of the South China Sea, Tieshangang Bay is potentially at risk of PTE pollution, yet systematic research integrating multi-hydrological period data remains limited. By applying pollution indices (C_f, WQI, I_geo, RI) combined with PCA, and PMF, we investigated PTE distribution characteristics, risk assessment, and source apportionment across different hydrological seasons. The results indicate that average PTE concentrations in surface seawater meet Class II standards of the Sea Water Quality Standard, with Zn and As showing relatively high concentrations compared to other PTEs. High-concentration areas were mainly located in the inner and middle bay. In sediments, concentrations of Zn and Cr were relatively high, with values generally higher inside the bay than outside. Both C_f and WQI values for seawater PTEs were below 1, indicating an overall low pollution risk. However, Cd and Hg in sediments presented a moderate potential ecological risk. Source apportionment revealed that seawater PTEs primarily originated from an industrial–aquaculture composite source (44.60%), while sediment PTEs were mainly attributed to composite terrestrial inputs (53.16%). These findings provide a scientific basis for PTE pollution management and sustainable development in Tieshangang Bay.