Ten samples from the Huanghe River Estuary were analysed to separate the heavy metals (Cu, Pb, Zn, Cr, Ni, Fe, Mn, Cd) into following phases: (1) adsorbed to materials, (2) bound to carbonates, (3) Fe-Mn oxides, (4) organic matters, (5) residual. The contents of the heavy metals in residue fraction account to the main part of the total concentrations. The concentrations of the heavy metals adsorbed on the materials are very low, and the heavy metals bound to Fe-Mn oxides are relatively stable, making up 10-20 percent of the t otal concentrations, which indicates that there is almost no heavy metal pollution in the estuary. The content of Pb, Mn bound to carbonates are rather high, Pb makes up 18-42 percent, Mn 22-63 percent of the total concentration, which are caused by geological process and coincide with the high content of carbonates in the loess. Cu is concentrated in organic matter indicating the strong complexation abilily of copper with organic matter. The distribution of all the eight elements are not all the same. The order of their progressive decreasing are written as follows: (1) Cu, Cr, Hi, Fe, Zn: Ⅴ>Ⅳ≥Ⅲ>Ⅱ>Ⅰ; (2) Pb, Cd: Ⅴ>Ⅱ>Ⅲ≥Ⅳ Ⅰ;(3) Mn:Ⅱ>Ⅴ>Ⅲ>Ⅳ>Ⅰ.