The monitored level of pollution remains high in Krakow, Poland. Alerts regarding increased levels of pollution, which advise asthmatics, the elderly, and children to limit their exposure to open air, continue to be issued on numerous days. In this work, seasonal variations in PM2.5 (particulate matter containing particles with aerodynamic diameter no higher than 2.5 μm) concentrations are shown. An increasing trend is reported, which is enhanced during the colder seasons. The mean PM2.5 concentrations in Krakow exceeded the target value of 25 μg/m3 specified for 2015 in the spring, autumn, and winter seasons. For this reason, particulate matter pollution is of special concern. Elemental concentrations as well as the presence of black carbon (BC) and black smoke (BS) in PM2.5 samples were determined. Seasonal variations of Cl, K, Ca, Ti, Mn, Fe, Cu, Zn, Br, Rb, Sr, and Pb concentrations were observed whereas V, Cr, Ni, BC, and BS concentrations did not significantly change with the time of year. Seven factors were identified by the positive matrix factorization (PMF) technique, and one was non-identified. They were attributed to the following sources of pollution: steel industry, traffic (diesel exhaust), traffic (gasoline exhaust, brake wear), road dust, construction dust, combustion (biomass, coal), and non-ferrous metallurgical industry. The last, non-identified source, could be attributed to secondary aerosols. It is worth to mention that combustion shows significant seasonal variations with a high impact in winter. The reported results of the completed studies may significantly aid in solving air quality issues in the city by highlighting major sources of air pollution.