Among the technologies for heavy metal remediation, bioremediation technology has gained extensive attention because of its low processing costs and high efficiency. The white-rot fungus Phanerochaete chrysosporium (P. chrysosporium) which has a good tolerance to heavy metals has been widely used in the heavy metal bioremediation. In order to figure out the molecular mechanisms involved in the oxidative stress of P. chrysosporium against metal toxicity, we examined the effect of Pb2+ on the levels of reactive oxygen species and the production of malondialdehyde. Results showed that P. chrysosporium could adjust Pb-stressed condition by regulating the unique oxidation-antioxidation process in cells and kept a balance between oxidation and antioxidation when it was threatened by a different dose of Pb2+. Investigations into the oxidative stress of P. chrysosporium to lead could not only provide a better understanding of the relationship between lead and oxidative stress in P. chrysosporium, but also offer important informations on the development of fungal-based remediation technologies to reduce the toxic effects of lead.