The transformation of heavy metals in ash from waste incineration plants is significant for ash management. The migration behavior of trace elements in ash after combustion, semidry deacidification, fabric filtration, and chelating agent stabilization was investigated from one waste incineration plant. The hazardous elements Zn, Pb, and As were enriched in raw fly ash (ash produced at a combustion temperature of 850–1100 °C) due to their relatively high volatility. Mercury, Cd, and Pb were captured in fly ash₂ and processed by activated carbon and fabric filters. The removal rate of As (71%) was the highest among all studied elements due to a large amount of quinquevalent As removed. However, the average removal rate of elements in fly ash was only 13%. In the finally obtained fly ash₃ (after chelating agent stabilization), a larger particle size (~100 μm) was found than that of raw ash. Furthermore, fly ash₃ contains HgSO₄ and trivalent As, which are toxic and likely to be precipitated when the fly ash₃ is next utilized or deposited in a landfill, causing environmental risks.