The ecotoxicological effects of heavy metals and petroleum hydrocarbons (PHCs) on ragworms are still vague. The relationships between toxicological indices (mortality and acetylcholinesterase (AChE) activity) and concentrations of toxicants (Cu, Cd, and PHCs) were examined in the estuary keystone species Perinereis aibuhitensis in laboratory conditions. The results of single toxicant indicated that three toxicants had potentially physiological toxicity to P. aibuhitensis. The estimated 4-d and 10-d LC50 for Cu, Cd, and PHCs was derived from the relationships between mortality and toxicants concentrations. Notable changes in the morphological signs and symptoms of P. aibuhitensis exposed to PHCs were observed. The AChE activity of P. aibuhitensis was more sensitive to the toxicity of PHCs than the others. The results of combined toxicants implied that the combined toxicity of Cu or Cd and PHCs to P. aibuhitensis was related to the concentration combination of toxicants. Compared to single PHCs treatment, the addition of Cu or Cd significantly mitigated the neurotoxicity of PHCs to AChE activity in P. aibuhitensis, which showed an antagonistic effect.