This study estimated the health risk of heavy metals in particulate matter $(PM)_{2.5}$ in a Gwangyang industrial complex. The $PM_{2.5}$ containing heavy metal was collected from January to November, 2008 using a denuder air sampler and by IC (Ion Chromatograph). The risk assessment was performed in a four-step process; hazard identification, exposure assessment, dose-response assessment and risk characterization. In the hazard identification process, $Cr^{6+}$, Ni, As, and Pb were categorized as human carcinogens and probable human carcinogens, while Ti, Mn, Se, P, $Cr^{3+}$, Cu, and Zn were not classified as human carcinogens. It was found that the excess cancer risk by Central Tendency Exposure (CTE) of $Cr^{6+}$ and As in $PM_{2.5}$ was > $10^{-6}$, and the total excess cancer risk posed by carcinogen heavy metals in $PM_{2.5}$ was > $10^{-6}$. It was also determined that the total hazard index by CTE of non-carcinogen heavy metals in $PM_{2.5}$ was <1. Taken together, these results indicate a high cancer risk associated whit inhalation of heavy metal-containing$PM_{2.5}$ in industrial areas.