Heavy metal migration and enrichment in areas affected by mining and smelting cause severe soil contamination. A thorough understanding of the sources and migration of heavy metals in the soil is the scientific basis for the efficient treatment of soil pollution. In recent years, metal stable isotopes have shown great advantages in identifying sources of soil heavy metal contamination and analyzing heavy metal migration processes, thus acting as powerful tools to trace the environmental behavior of heavy metals. In this paper, we reviewed the analysis technology, tracing principles, and tracing models of metal stable isotopes, determined the isotope fractionations caused by mineral mining and smelting processes (high-temperature smelting, electrochemical processes, and tailing weathering), and discussed the representative applications of metal stable isotopes in the traceability of soil pollution in mining- and smelting-affected areas. The V isotope system is in the initial stages of investigation, and its applications in heavy metal soil source analysis are relatively lacking. Zn, Cd, and Hg isotopes are advantageous for identifying heavy metal contamination sources associated with high-temperature smelting processes. Cu, Tl, and Ni isotopes can directly indicate the ore content of the soil. However, some problems remain, such as the difficulty in analyzing certain systems of metallic stable isotopes, limitations in the application of tracer models, and source uncertainties due to isotope fractionation. Therefore, in the future, it will be necessary to further explore and optimize metal isotope analysis methods, establish more metal stable isotope fingerprints, develop traceability models with stronger applicability and more accurate results, comprehend the characteristics and mechanisms of isotope fractionation in complex interfacial processes and reactions, and strengthen the practical application of metal stable isotopes to trace the history of soil heavy metal pollution.