We consider an inverse problem for simultaneously determining the space-dependent source and the initial distribution in heat conduction equation. First, we study the ill-posedness of the inverse problem. Then, we construct a regularization problem to approximate the originally inverse problem and obtain the regularization solutions with their stability and convergence results. Furthermore, convergence rates of the regularized solutions are presented under a prior and a posteriori strategies for selecting regularization parameters. Results of numerical examples show that the proposed regularization method is stable and effective for the considered inverse problem.