To investigate the long-term effects of urbanization and industrialization on coastal trace metal contamination, two sediment cores, Q21 (representing 1965–2018) and Q23 (representing 1986–2018), collected from the adjacent coasts of the east old town and west new area of Qingdao were analyzed. Although the concentrations of As, Cd, Co, Cr, Cu, Ni, Pb, Sc, and Zn were higher in Core Q21, the increasing trends in their concentrations and contamination levels were more obvious in Q23, especially since the 2000s. Moreover, the urbanization rates of the new area (1978–2017) were significantly positively correlated with the historical metal concentrations in Q23. Affected by the rapid socio-economic development in the new area, the combined excessive concentrations of the eight metals (excluding Sc) increased faster in Q23 (0.14–78.4 mg/kg) than Q21 (0.58–45.3 mg/kg). Overall, the sediment Core Q23 experienced higher trace metal contamination and ecological risks than Core Q21.