Incineration technology is an effective treatment method for municipal solid waste (MSW). In this study, fine particulate matter emissions from two waste incineration power plants (WIPP) were characterized. Both filterable particulate matter (FPM2.5) and condensable particulate matter (CPM2.5) were collected using a direct sampling method. The FPM2.5 concentrations from stacks #1 and #2 in WIPP A were 0.87 ± 0.10 and 0.68 ± 0.19 mg/m3, respectively, and 3.30 ± 0.65 mg/m3 was measured at stack #3 in WIPP B. Fe was the most abundant elemental component in the FPM2.5, followed by Na, Ca, Al, and K. Ca2+, SO42−, Cl−, and NH4+ accounted for the largest fraction of the total detected water-soluble ions in the FPM2.5. In the CPM2.5, Na was the most abundant elemental component, followed by Ca, Mg, and K. The total detected water-soluble ions accounted for 22.2% and 27.3% of the CPM2.5 collected from stack #1 and #2, respectively. High concentrations of NH4+ and NO3− were found in CPM2.5, which could be derived from the escape of excessive NH3 in the denitrification unit and that of the NOx in the flue gas, respectively. Alcohols, aromatic compounds, and ketones were the major organic species in the CPM2.5. Both fly ash and bottom ash were collected from WIPP A. Ca was the dominant element, followed by K, Mg, Na, and Fe. The enrichment of elements in the fly ash and bottom ash were analyzed. The enrichment factors of most elements were higher than 1, except for the Ti and Sn in the bottom ash. The fly ash had a higher enrichment of Cd, As, and Ti than the bottom ash. In contrast, Cu, Ni, and Cr had higher enrichments in the bottom ash because of their low volatility.