Potentially toxic elements (PTEs) pose a significant threat to aquatic ecosystems. This study investigated the content and potential sources of PTEs (Cr, Mn, Ni, Cu, Zn, Cd, Pb) in water, sediment, and dominant aquatic plants (Hydrilla verticillata and Spirogyra varians) in the Xiaojiang River, located near the Zhaiying manganese mine in Guizhou Province, China. Correlation analysis, principal component analysis (PCA), and cluster analysis were employed to assess PTE distribution and potential sources. Water PTE concentrations complied with the Class II standard (GB3838-2002), indicating no water pollution. However, sediment PTE levels exceeded background values, particularly Mn, which exhibited moderate to strong contamination. Cd also showed moderate contamination, posing a considerable ecological risk. Cd was the main potential pollutant with the highest contribution rate. Mn and Cd were therefore identified as priority pollutants requiring targeted abatement strategies. Mining activities likely represent the primary source, but combined pollution from vehicle traffic and agriculture might also contribute. Hydrilla verticillata demonstrated a higher capacity for PTE enrichment from sediment compared to Spirogyra varians, suggesting its potential for sediment remediation (except for Cu). A significant correlation existed between both plant species and sediment PTE content. PCA supported the association between S. varians and sediment PTEs. Linear regression analyses revealed better correlations between S. varians and sediment Mn, Ni, Cu, and Zn (0.77, 0.68, 0.82, and 0.79, respectively). Taken together, these findings suggest that S. varians serves as an effective bioindicator for monitoring sediment contamination with PTEs.