Heavy metal concentrations in samples collected from the London 2012 Olympic Village were determined using a three-step sequential extraction and a rapid extraction method. Metal toxicity was measured by employing the Microtox® solid phase analysis. Both extraction methods produced comparable results (p = 0.996), but the rapid method produced higher readings. A number of heavy metals were detected using the two extraction methods, including aluminum, arsenic, cadmium, chromium, copper, iron, nickel, lead and zinc; beryllium, molybdenum, niobium and titanium were also found in low concentration ranging between 0.16 and 27.10 mg/kg in the total acid digestion. The total metal levels in all the soil samples were within the UK Soil Guideline Value (SGV) except for lead which ranged between 62.9 and 776.2 mg/kg. The 30 min EC50 of different soil fractions was 2–5.8 g/L. In the absence of any of heavy metals in the SGV, the Dutch Guideline values were referred. Mathematical models for a number of metals were generated based on the changes in EC50 values between each (F1, F2 and F3) soil fractions and the initial toxicity in the non-fractionated samples. The resulting models produced good R2 values (>96%) for predicting the change in toxicity of lead, cadmium, zinc and copper by measuring their changes in concentrations. These models could substantially reduce the time requires to determine the toxicity in the samples; they would be a useful tool in the clean up process where monitoring of metal toxicity is required.