This article presents the results of the study of water chemical composition and formation processes in the eastern slope of the Polar Ural where permafrost is widely spread. To date, this region has not been studied in detail. However, it is very important to have information on the natural waters in this region because they play a significant role in all geochemical processes, including climate formation. For this study, 107 water samples were collected from lakes, rivers and active layer waters. The studied waters are ultrafresh; total dissolved solids vary from 14 to 438 mg/L. pH ranges from 3.5 to 9.0. The chemical type of the studied waters is mostly HCO3–Ca–Mg. The geochemical environment of the studied waters contributes to the accumulation of such trace elements as Fe, Mn, Al, Ni, Au, Co, Li, Sc, Ti, Cr, Sr, Nb, Mo, Cs, La, Eu, Lu, Hg, and Se. The chemical composition peculiarities of active layer waters, rivers, lakes and waters of stone pits and exploration trenches and the description of their chemical composition formation processes are given in the present study. The water–rock interaction is a dominant process of water chemical composition formation in the studied region. The obtained results have both potential theoretical and practical applications.