As an accumulation of solid organic and inorganic pollutant particles on outdoor ground surfaces, road dust is an important carrier of heavy metal contaminants and can be a valuable medium for characterizing urban environmental quality. Because the dusts can be an important source of atmospheric particles and take impact on human health, the aim of this study described in detail the mineralogical characteristics, morphology, and heavy metal content of road dust from Xuanwei and Fuyuan, locations with high lung cancer incidence. Our results show that the average concentrations of heavy metals in road dust were higher than their background values. Higher concentrations of heavy metals were found in the magnetic fractions (MFs) than in the non-magnetic fractions (NMFs). Magnetic measurements revealed high magnetic susceptibility values in the road dust samples, and the dominant magnetic carrier was magnetite. The magnetic grains were predominantly pseudo-single domain, multi-domain, and coarse-grained stable single domains (coarse SSD) in size. SEM/XRD analysis identified two groups of magnetic particles: spherules and angular/aggregate particles. Hazard index (HI) values for adults exposure to road dust samples, including MF, Bulk, and NMF, in both areas were lower or close to safe levels, while HI values for childhood exposure to magnetic fractions in both areas were very close or higher than safe levels. Cancer risks from road dust exposure in both areas were in the acceptable value range.