The knowledge of the spatial distribution, sources, and air–soil exchange of polycyclic aromatic compounds (PACs) in an oilfield area is essential to the development of effective control practices of PAC pollution. In this study, 48 passive air samples and 24 soil samples were collected during 2018–2019 in seven functional areas (e.g., urban, oil field, suburban, industrial, agricultural, near pump units, and background) in the Yellow River Delta (YRD) where the Shengli Oilfield is located, and 18 parent polycyclic aromatic hydrocarbons (PAHs) and five alkylated-PAHs (APAHs) were analyzed from all the air and soil samples. The ΣPAHs in the air and soil ranged from 2.26 to 135.83 ng/m3and 33.96 to 408.94 ng/g, while the ΣAPAHs in the atmosphere and soil ranged from 0.04 to 16.31 ng/m3and 6.39 to 211.86 ng/g, respectively. There was a downward trend of atmospheric ΣPAH concentrations with increasing the distance from the urban area, while both ΣPAH and ΣAPAH concentrations in the soil decreased with distance from the oilfield area. PMF analyses show that for atmospheric PACs, coal/biomass combustion was the main contributor in urban, suburban, and agricultural areas, while crude production and processing source contributes more in the industrial and oilfield area. For PACs in soil, densely populated areas (industrial, urban, and suburban) are more affected by traffic sources, while oilfield and near-pump unit areas are under the impact of oil spills. The fugacity fraction (ff) results indicated that the soil generally emitted low-molecular-weight PAHs and APAHs and act as a sink for high-molecular-weight PAHs. The incremental lifetime cancer risk (ILCR) of Σ(PAH+APAH) in both the air and soil, were below the threshold (≤10−6) set by the US EPA.