A stabilization treatment for heavy metals in sediments was developed using the heavy metal chelators ammonium dipropyl dithiophosphate (ADD) and potassium diisopropyl dithiophosphate (PDD). The results indicate that 7% ADD and 7% PDD achieved Pb and Cu stabilization rates of up to 99%, Cd stabilization rates of 78% and 95%, and Zn stabilization rates of 21 and 51%, respectively. At pH levels ranging from 2 to 12, the amount of heavy metals in leachate from the stabilized product using the chelating agents were significantly less than those using Na2S and Na3PO4. After treatment, the chelating agents were mainly bound to the exchangeable fraction of heavy metals in the sediment and formed stable bonds with organic matter, thus significantly reducing the biological risks of heavy metals in sediment.