Due to coastal development expansion, an increasing influx of pollutants enters the sea through riverine input and land runoff, threatening coastal ecosystems and posing a risk of eutrophication. In this study, trace metals (Fe, Mn, Cu, and Zn), and nutrients (constituents of N, P, and Si) were assessed in the summer surface seawater of Yantai Sishili Bay (YSB), Northern China focusing on the determination of concentration, spatial-temporal distribution and sources identification, while exploring their correlations. It also aimed to clarify the eutrophication status and evaluate the linear relationships between eutrophication, trace metals, and nutrients in YSB. Over three years (2021–2023), the total dissolved concentrations of Fe, Mn, Cu, and Zn ranged from 4.79–26.71, 0.19–6.41, 0.26–1.53, and 0.74–13.12 µg/L, respectively. Concurrently, nutrient concentrations including NO2-, NO3-, NH4+, PO43-, and DSi exhibited a range of 0.37–11.66, 2.04–178.30, 1.69–70.01, 0.02–16.68, and 0.02–0.71 µg/L respectively. These concentrations revealed a gradual decrease from nearshore to offshore and the temporal variation also showed significant patterns from year to year, indicating distinct regional variations. The primary contributors to the trace metals and nutrients in the study region were recognized as external contributions stemming from natural, anthropogenic, and atmospheric deposition through correlation and principal component analysis. More specifically, riverine input and coastal farming contributed large amounts of nutrients to coastal waters, threatening a potential risk of eutrophication. The eutrophication evaluation expressed below the mild eutrophication level and was far lower than the other global and Chinese bays. The linear correlation between eutrophication and trace metals revealed a weak positive correlation but a significant correlation with nutrients. Despite the absence of significant eutrophication in the bay, potential risks were identified due to identifiable sources of nutrient and trace metal inputs. The findings provided insights to guide efforts in preventing and mitigating coastal eutrophication, as well as nutrient and trace metal pollution, in coastal cities.