In order to investigate the sources, distribution characters, hazardous risks and the chemical fractions of heavy metals in the soil of farmland of Ebinur Basin which is under the rapid economy development, this article collected soils samples, and tested the total contents and chemical forms of 8 heavy metals including As, Cd, Cr, Cu, Hg, Ni, Pb, and Zn. Then we used multiple analysis methods, combined with the background values of China and Xinjiang, to analyze the values. The results show that: 1) The ranges of heavy metals As, Cd, Cr, Cu, Hg, Ni, Pb, and Zn in all the samples were lower than those of the National Soil Quality Standards (2nd)(GB15618-1995), but the mean values were all higher than the background values of Xinjiang. 2) Multivariate statistical analysis shows that 8 heavy metals can be classified into two principal components, among which PC1 (Cd, Pb, Hg, and Zn) was mainly influenced by the anthropogenic pollution, and PC2 (Cu, Ni, Cr, and As) was mainly influenced by the natural geological background. 3) Geo-statistical analysis shows that the high assessment risk regions of Cd, Hg, Pb, and Zn mainly distributed in the central and northern parts of the research area close to the townships and traffic routes. They all showed distribution characters with dot and facial shape, and they were mainly influenced by the strong human activities in these regions. While the high assessment risk regions of As, Cr, Cu, and Ni mainly distributed in the southern and the surrounding of the research area close to the desert and mountain, and they were mainly influenced by the relatively high natural geological background of this area. 4) Chemical fraction analysis shows that the main fractions of heavy metals As, Cr, and Ni were in residue states, but there were also low proportions of other states. The biological validity analysis shows that in the farmland of Ebinur Lake Basin, the biotoxicity of heavy metal Cb was the maximum, followed by Pb and Hg, and the biotoxicity of As was the minimum.