In order to fully understand the morphological characteristics and pollution status of heavy metals in the dewatered sludge of Huainan Municipal sewage treatment plant, the physical and chemical properties were analyzed, and the content and occurrence forms of heavy metals (As, Cu, Zn, Pb, Cd, Cr, and Ni) in the sludge were studied using the geological accumulation method (Igeo), risk assessment coding method (RAC), and potential ecological risk index method to evaluate the ecological risk. The results showed that the municipal sludge in Huainan was rich in nutrients, with good prospects for agricultural utilization. There were differences in the morphological distributions of different heavy metals. The Igeo values for Ni, As, Cr, and Pb were below 0. The results of RAC indicated that the risk level of Cr in sludge was a low risk, and those of other heavy metals were moderate risks. The potential ecological risk of Cd had the highest potential ecological risk, and the other six metals were of low ecological risk. This conclusion can provide basic data and a theoretical reference for the comprehensive utilization of sludge in sewage treatment plants.