Pb(NO3)2/C is fabricated by a solution method and investigated for the first time as probable anode material for lithium-ion batteries. For pristine Pb(NO3)2, the reversible specific capacity of 55.9 mAh g−1 can be delivered with a poor capacity retention of 12.9% after 50 cycles. By introducing carbon black, it is found that a higher initial discharge capacity of 1140.7 mAh g−1 can be shown by Pb(NO3)2/C than the value of 938.5 mAh g−1 delivered by pristine Pb(NO3)2. After 50 cycles, Pb(NO3)2/C can display a reversible capacity of 241.5 mAh g−1 with the capacity retention of 48.8%.The reaction mechanism of Pb(NO3)2 with Li is studied by various in-situ and ex-situ techniques. It can be found that the preliminary reaction between Pb(NO3)2 and Li leads to the irreversible formation of LiNO3, Li3N and Pb. Upon further lithiation, the electrochemical reaction of Pb with Li leads to the formation of LiPb and Li10Pb3, and finally Li8Pb3, Li22Pb5. The charge process is associated with the de-alloying reaction of Li8Pb3 and Li22Pb5 leading to the preliminary formation of LiPb and Li10Pb3, and finally Pb.