[Objective] The heavy metal pollution characteristics and ecological risk for soil were studied to provide a scientific basis for the proper land use in the process of urban renewal.[Methods] Samples of topsoil (0-0.5 m) and subsoil (1.5-2.0 m) were collected from 102 point locations in a large-scale redevelopment site in Shanghai City, and the concentration levels of 10 heavy metals (As, Be, Cu, Pb, Ni, Ti, Zn, Cr, Cd, and Hg) were tested and measured. The heavy metal contamination and ecological risk were evaluated with geo-accumulation, Nemerow, and potential ecological risk indices. The sources of heavy metals were further identified and revealed by multivariate statistical analysis.[Results] ① The contents of the heavy metals in soil were lower than the type Ⅱ land soil risk screening values stipulated in the "Soil Environmental Quality-Risk Control Standard for Soil Contamination of Development Land, Pilot Version" (GB36600, 2018), but the contents of As, Cu, Pb, Zn, and Hg in soil from 6.9%, 24.5%, 25.5%, 37.3%, and 63.7% sampling points exceed the background values of soil elements, which indicated different degrees of accumulation. The soil in the entire study area generally varies from clean to slightly polluted, with 11.8% and 3.84% of the topsoil and 2.64% and 0.63% of the subsoil moderately and heavily contaminated, respectively. ② The mean value of the comprehensive potential ecological risk index for topsoil was 89.91, representing a medium risk level. Hg in topsoil was the main ecological risk factor in the study area. ③ The concentrations of Ni, Cr, Be, and TI in the soil were mainly controlled by natural sources of weathering of the soil parent material. Pb, Zn, Cu, As, and Hg contents in soil were mostly affected by sources of transportation and historical agricultural production activities. Natural sources also contributed a considerable proportion to the contents of As in topsoil and Cu in subsoil as well as man-made sources. Hg in topsoil was more affected by other human activity sources than transportation sources.[Conclusion] During subsequent land use processes, more attention should be paid to the ecological risk control of Hg and the cumulative effect of heavy metals caused by external traffic sources.