Recently, the reversible discharge and charge reaction of BiF3 electrode for fluoride shuttle battery (FSB) that can be used as a promising candidate for next-generation battery are observed using a liquid-based electrolyte. In this study, we investigate the electrochemical performance of PbF2 as an active material for the FSB. To increase the electronic conductivity, the PbF2 was mixed with carbon, and the composite material between PbF2 and carbon, PbF2/C, is formed. High discharge and charge capacities are obtained for PbF2/C during the first cycle. Although the discharge and charge capacities gradually decreased, the discharge and charge reactions occurred in the second and third cycles. To confirm the progress of the discharge and charge reactions, the crystal structure change of the active material during discharging and charging in the first and second cycles is evaluated using X-ray diffraction (XRD). From the XRD results, the formation of Pb and PbF2 during discharging and charging can be confirmed, indicating that the discharge (PbF2 + 2e− → Pb + 2F−) and charge (Pb + 2F− → PbF2 + 2e−) reactions progress in both the first and second cycles.