Contamination associated with metals is a critical concern related to their toxicity, persistence, and bio-accumulation. Trace elements are partitioned into several chemical forms, which some are more labile during fluctuations in the environment. Studying the distribution of metals between the different chemical fractions contributes to assess their bioavailability and to identify their potential risk of contamination to surrounding environments. This study concerns the speciation of metals (Pb, Cr, Ni, Zn and Fe) from sediments coming out from Malmfjärden bay, Sweden. The aim was to assess the potential risk of metal pollution during present and future dredging as well as while using dredged sediments in beneficial uses. The Tessier speciation procedure was chosen, and the results showed that low concentrations of metals were associated with the exchangeable fraction. In contrast, the major concentrations were linked to the residual part. The risk indexes (contamination factor and risk assessment code) showed that, during dredging activities, there is a low concern of pollution for Cr, Ni and Fe and a medium risk for Pb and Zn. Additionally, in all elements, the sum of non-residual concentrations was below the Swedish limits for using dredged sediments in sensitive lands. The findings suggested that the investigated metals in Malmfjärden sediments are related to low risks of spreading during using in beneficial uses.