In order to comprehensively understand the content, source, speciation characteristics, and risk of heavy metals in cultivated soil of Pingshui Village, Zhaoping County, Hezhou City, this study conducted measurements on the total amounts of Cr, Ni, Cu, Zn, As, Cd, Pb, and Hg in 34 soil samples within the study area. Correlation analysis and principal component analysis were employed to investigate their sources. An improved BCR sequential extraction procedure was utilized to analyze the occurrence forms of eight heavy metals in soil samples. Ecological risks were evaluated using the geo-accumulation index (Igeo), potential ecological risk index (RI), and risk assessment code (RAC). The findings revealed that: (1) The soil heavy metals in the study area exhibited varying degrees of enrichment, primarily attributed to anthropogenic activities. (2) There was no significant difference in the speciation characteristics of the eight heavy metals in the soil of each sampling site in the study area, and the main components were all residual fraction, and the mild acid-soluble fraction of Cd and Zn accounted for a relatively high proportion in individual sampling sites, which should be paid attention to. (3) Through the results of three risk assessment methods, it is concluded that the heavy metal pollution of soil in the study area is serious, and continuous attention should be paid to the corresponding pollution prevention measures.