The study assesses associations between microelement levels, fatty acid composition, and oxidative stress markers in grass carp muscle in the summer and autumn seasons. Additionally, various factors were considered, including the estimated daily intake (EDI), target hazard quotient (THQ), total THQ (TTHQ), and metal pollution index (MPI), to evaluate potential health risks for consumers. The microelements (Al, As, Ba, Cd, Co, Cr, Cu, Fe, Hg, Li, Mn, Ni, Pb, Se, Sr, and Zn) were determined using inductively coupled plasma optical emission spectrometry (ICP-OES), and total mercury was determined using cold-vapor atomic absorption spectroscopy (CV-AAS). Fatty acid profiling was realized using gas chromatography (GC) detection with a flame ionization detector (FID). The overall tendency of microelement levels was as follows: Fe > Zn > Al > Sr > Ba > Ni > Se > Cr> Cu > Mn > Pb > As > Li > Hg; <LOQ (below limit of quantification): Cd, and Co. The correlation analysis between concentrations of trace elements (Al, Ba, Cr, Cu, Mn, Li, Sr, Zn, and Hg) and the fatty acids (C16:0, C16:1, C18:1n9c, C18:2n6c, C20:4n6c, EPA, and DHA), as well as between Al, Ba, Fe, or Hg and oxidative stress markers (superoxide dismutase—SOD, glutathione peroxidase—GPx, or total antioxidant status—TAS), revealed statistically significant interactions in different seasons. THQ values were lower than 1; TTHQ values ranged from 0.27 to 0.76. The main toxic elements forming TTHQ were Hg and Ni (49%). The calculated health risk assessment indices indicate a low concentration of observed elements and low risks associated with the consumption of grass carp muscle from the tested location, although concentrations and THQ of mercury and nickel may be of slight concern.