Based on measured data of rock samples from Hetang Formation in northwest Zhejiang Province, this paper gave the average values of such elements as Pt, Pd, Au, Ag, Cu, As, Sb, Pb, Mo, Ni, V, P, U, B, Cd, Tl, Se and Zn in the black shales of Hetang Formation, and dealt with the rock-forming environment and the influence of high element contents on the environment according to the partitioning models of trace elements and rare earth elements. The Hetang Formation is enriched with quite a lot of elements: abundant Mo, Se, Cd, Ag, Sb, U, As and P, subordinate V, B, Cu, Tl and Zn, and small amounts of Au, Pt, Pb and Ni. An integrated geological and geochemical study has revealed that there exists ore-prospecting potential for Mo, P, V and nonferrous metals in black shales of the Hetang Formation.