Accurate assessments of the soil environmental capacity are important for evaluating heavy metal pollution levels, facilitating effective prevention and control measures against such pollution. However, due to the lack of risk screening values for certain key elements, such as Rb, Sn, and Th, the assessment of the soil environmental capacity is not comprehensive. Therefore, in this study, the Menyuan-Huangzhong area of Qinghai Province was selected as the research area, and local background and risk values were established via multifractal analysis, thereby systematically examining the environmental capacity. The findings indicated that within the study area, the static environmental capacity values of 15 elements could be ranked as follows: Ba, Cu, Zn, Cr, Rb, Ni, La, Pb, Th, As, U, Sn, Tl, Cd, and Hg. In general, the residual capacity distribution of the various elements varied across the study area, with lower values primarily found in the northern and central regions and higher values obtained in the northwestern and southwestern regions. Between 2018 and 2068, there was a notable and rapid decline in the dynamic environmental capacity of Hg, Cu, and Cd in the study area. In the Menyuan-Huangzhong area of Qinghai, the average comprehensive soil environmental capacity index reached 0.91, indicating a moderate environmental capacity and slight associated health risks. The findings of this study could serve as a valuable reference for soil heavy metal pollution assessment, early warning, and management in this area; enhance the study of soil environmental capacity methods; and provide a theoretical foundation for subsequent research.