Contents of heavy metals (Cr, Cu, Zn, Cd, and Pb) in the sediments of Ulsan Bay were investigated by the sequential extraction methods that classifies heavy metals into five types of chemical forms: exchangeable, bound to carbonates, bound to Fe-Mn oxides, bound to organic matter and residual. The analytes were determined by using an ICP-MS. Total Cr concentrations in the sediments were in the range of 41.6-96.4, Cu 60.7-680, Zn 189-1954, Cd 33.1-83.4, and Pb 138-567 ㎎/㎏. Results of sequential fractionation indicates that relatively high proportion (~44%) of Cu is associated with organic matter. A large proportion of Pb is associated with three types of chemical forms: Fe-Mn oxides, organic matter, and residual. There were significant correlation in concentrations between the exchangeable components and total organic carbons. The heavy metals in the residual phase cannot be easily released to the environment since these are bound to the crystal lattice. But, reducible and organic phases carry a significant amount of most heavy metals. Therefore, there is potential danger of a substantial amount of metals becoming chemically mobile with environmental changes.