Treatment and disposal of fly ash in China are becoming increasingly difficult, since its production has steadily risen and its features are uncertain. The excess pollutant components of fly ash are the key factor affecting its treatment and resource utilization. In this study, fly ash samples collected from a power plant with circulating fluidized incinerators of municipal solid waste (MSW) located in Shandong Province (eastern China) were studied. The results showed that there were no obvious seasonal differences in properties of fly ash. The content of total salt, Zn, and pH exceeded the national standards and low-ring polycyclic aromatic hydrocarbons (PAHs) and polychlorinated dibenzo-p-dioxins (PCDD) and dibenzofurans (Fs) were the main organic components of fly ash for this power plant, which posed great threats to the surrounding environment. The amount of Zn of fly ash was higher than other heavy metals, which should be due to alkaline batteries of MSW. The leachate of fly ash had low concentrations of heavy metals and the main soluble components were sulfates and chlorides. The major mineral crystals of fly ash were SiO2, CaSO4, and Fe2O3. The main organic pollutants were low-ring PAHs, polychlorinated PCDDs, and low-chlorinated PCDFs, and concentrations were lower than the limiting values of the national regulations. Additionally, the distribution of PCDD/Fs had either a positive or a negative linear correlation with fly ash and flue gas, which was associated with the chlorinated degree of PCDD/Fs. The analysis was conducted to fully understand the properties of fly ash and to take appropriate methods for further comprehensive utilization.