The purpose of this study was to determine the heavy metal (HM: Cd, Cr, Cu, Ni, Pb, Zn, and Hg) content in particular chemical fractions (forms) of sewage sludge with different characteristics (primary and dewatered sludge) using conventional (CSE) and ultrasound-assisted (USE) BCR sequential extraction methods (Community Bureau of Reference, now the Standards, Measurements and Testing Programme). The concentrations of HMs were determined using inductively coupled plasma optical spectrometry (ICP-OES). Only mercury was assayed with cold vapor atomic absorption spectrometry (CVAAS). Ultrasound treatment was conducted in the ultrasonic bath (Sonic 5, Polsonic). The optimal sonication time (30 min) was determined using ERM-CC144 (Joint Research Center; JCR) certified reference material. The conducted experiment revealed that the use of ultrasound waves shortened the extraction time to 4 h and 30 min (Stages I to III). The recoveries (RM) of heavy metals ranged from 62.8% to 130.2% (CSE) and from 79.8% to 135.7% (USE) for primary sludge, and from 87.2% to 113.2% (CSE) and from 87.8% to 112.0% (USE) for dewatered sludge. The only exception was Hg in dewatered sludge. The conducted research revealed minor differences in the concentrations and fractionation patterns for Cd, Ni, and Zn extracted from sludge samples by the tested methods. However, it was confirmed that the above findings do not significantly affect the results of a potential ecological risk assessment (with minor exceptions for Cd and Zn in the primary sludge), which is extremely essential for the natural use of sludge, and especially dewatered sludge (the final sludge). The shorter extraction time and lower energy consumption prove that ultrasound-assisted extraction is a fast and simple method for HM fractionation, and that it provides an alternative to the conventional procedure. Therefore, it can be considered a “green method” for the assessment of the bioavailability and mobility of heavy metals in solid samples.