Selected heavy metals Cu, Ni, Zn and Pb were studied in two different types of coal fly ash samples, dyke and field, collected from Badarpur Thermal Power Station, Delhi, India for their total metal concentration as well as geochemical differentiation in different chemical fraction namely exchangeable, easily reducible or Fe -Mn bound, organic or sulfide bound and residual fractions. The total concentration of heavy metals in both types of fly ash samples followed the order Cr4Zn4Pb4Ni4Cu. Among the two types of samples, field fly ash samples were more enriched in these heavy metals compared with the dyke type samples. The fine grain size of field type samples possibly provided the sufficiently large surface area for the adsorption of these metals, resulting in higher concentrations compared with those in the coarse grained dyke samples. But, interestingly, the dyke type fly ash samples contain most of the metals in the exchangeable fraction. Metals in this fraction are easily mobilisable or can be made mobile depending upon the environmental conditions of Eh and pH. This suggests that the dyke type samples with low bulk metal content can even pose serious environmental hazards compared to the high total metal containing samples of field type. This suggests that it is the presence of metal in particular fraction(s) and not the total metal concentrations which are harmful to the environment, in particular to the soil and aquatic life.