Marine ecosystems are considered one of the major sources of polycyclic aromatic hydrocarbon (PAH) exposure to humans through the consumption of marine products. Here, we collected 22 different species from Laizhou Bay (LZB) in China to investigate the distribution, sources, bioaccumulation, biomagnification, and cancer risks of PAHs. The results demonstrated that low-molecular-weight (LMW) PAHs were dominant in the studied species. The total PAH concentrations (∑15 PAHs) concentrations decreased in the following order: octopus < fishes < crab < shellfish < shrimp. Diagnostic ratio analysis revealed mixed petrogenic and pyrogenic sources, with major contributions from petroleum contamination and fossil fuel combustion. Although LMW PAHs were dominant, high-molecular-weight (HMW) PAHs exhibited stronger bioaccumulation potential. The food web magnification factor (FWMF) of total PAHs suggested limited trophic enrichment within the LZB food web. The incremental lifetime cancer risks (ILCR) values indicate a priority cancer risk for adults and may pose considerable carcinogenic health risks for children associated with the consumption of these species. Overall, these findings highlight the need for further studies to comprehensively evaluate PAH biomagnification behavior, environmental management implications, and long-term carcinogenic health risks in LZB.