The main objective of this study was to examine the chemical characteristics, possible sources, and health risks of fine particle-bound Polycyclic Aromatic Hydrocarbons (PAHs) in the Baoshan area of Shanghai. Here, ambient particles with five-size ranges were collected during the spring and late summer of 2017. The PAHs were determined by the Gas Chromatography-Mass Spectrometry (GC-MS). Our results showed that the average mass concentration of 13 species of PAHs in spring and in late summer was 4.83 (1.88~12.1) ng/m3 and 4.27 (2.09~5.75) ng/m3 in Total Suspended Particles (TSPs), respectively. The higher PAH ratios (PM1.1/TSPs) indicated that PAHs are mainly concentrated in PM1.1, especially in late summer. The values of BaA/(BaA+CHR) were under 0.50 and IcdP/(IcdP+BghiP) were in range from 0.20 to 0.50 for TSP and PM1.1, suggesting that petroleum combustion and diesel emissions could be considered as key sources of PAHs, which tend to be associated with PM1.1. Moreover, the Principal Component Analysis (PCA) in PM1.1 identified the main PH sources, which include stationary and diesel emissions. The air mass backward trajectories and wind direction analysis showed that air masses were mainly derived from marine sources across the local industry area in late summer. Individual Carcinogenic Risk Inhalation (ILCR) was over 10−6 among the total six age groups in both of the sampling periods in TSPs, indicating the possible carcinogenic risk, especially for children and the young age group. Toxic PAHs belong to Heavy Molecular Weight (HMW) PAHs, especially Benzo[a]pyrene (BaP). Compared with PM1.1–2.0, the Combustion-Derived PAHs group (COMPAHs) and Carcinogenic PAHs (CANPAHs) were highly concentrated in PM1.1. Stationary sources, such as the developed steel industry, made a great contribution to the level of PAHs, especially in late summer.