Potential toxic elements (PTEs) pollution in the soil of abandoned open-pit mines can lead to great ecological risk to the areas around the mining districts. This study selected a typical abandoned open-pit iron mine along the Yangzi River in southeast China to investigate the spatial distribution, leaching characteristics, and ecological and health risk of the soil PTEs (As, Pb, Cd, Ni, Cr, Cu, and Zn). Leaching tests and sequential extraction were applied to study the migration of PTEs under the condition of rainfall. Different risk assessment methods were used to analyze the pollution and ecological risk of PTEs. The contents of As and Cu exceeded the background value of the Chinese soil guideline, with average contents of 50.71 ± 1.59 and 197.47 ± 16.09, respectively. The leaching test and sequential extraction indicated that sites 8 and 9 posed the greatest risk of PTE migration. According to the map of the Nemerow integrated pollution index (NIPI), the pollution level of the middle bare area of the study area was the highest, and Cu possessed the highest pollution index (PI) of 3.92. The average geo-accumulation index (Igeo) of As and Cu was between 1 and 2, reaching the pollution level of moderately contaminated. The average potential ecological risk coefficient (Ei) of As was the highest, and the contributions of As, Cu, and Cd to the potential ecological risk of the whole study area were 46.7%, 29.7%, and 14.3%, respectively. The range of the hazard index (HI) and the range of the As carcinogenic risk (CRAs) of all the sampling sites for children were 1.30–3.94 and 2.19 × 10−4–7.20 × 10−4, and As accounted for more than 85% of the total noncarcinogenic risk, indicating that the comprehensive pollution of PTEs in the study area posed great carcinogenic and noncarcinogenic risks to children. This study can be a proper reference for the subsequent recovery methods and environmental management of the whole mining area.