Coarse mode particulate matter (PM10) samples were collected at Nainital (29.35°N, 79.45°E, 1958 m amsl) from January to December, 2021 to study their elemental composition, sources and health impact. The annual average concentration of PM10 was estimated as 64 ± 6 µg m−3 during the sampling period at Nainital. The concentrations of 36 different elements were analyzed using WD-XRF, with higher levels of Ca (1.789 ± 0.351 µg m−3), Al (1.498 ± 0.272 µg m−3), Fe (1.479 ± 0.207 µg m−3), S (1.303 ± 0.142 µg m−3), and K (1.175 ± 0.152 µg m−3) followed by other trace elements. PCA identified five primary sources of these elements present in PM10: natural crustal and soil particulates, vehicle-generated emissions, fossil fuel combustion, biomass burning, and industrial emissions (Mo-rich). Furthermore, health risk assessment (HRA) was identified as a non-carcinogenic risk linked to manganese (Mn) exposure in both adults and children, carcinogenic risks associated with chromium (Cr) exposure in adults and non-carcinogenic risks in children were also identified.