In this paper, the effects of carbon and sulfur combustible components from coal gangue on the physical properties and heavy metal solidification properties of ceramsite were studied. The phase composition and microstructure changes of ceramsite were analyzed by XRD and SEM. The results show that the carbon and sulfur combustible components in coal gangue increase the apparent density and compressive strength of ceramsite, significantly reduce the water absorption and weaken the heavy metal solidification ability of ceramsite. The prepared ceramsite meets the environmental safety requirements. The addition of carbon and sulfur components could promote the transformation of mullite and quartz into anorthite and reduce the content of open pores due to the effects of forming pores by combustion at low temperature and increasing liquid phase at high temperature.