Liquid lithium-lead, as a key functional material for nuclear fusion reactor cladding, offers advantages such as high tritium breeding ratio, strong heat transfer and thermal mass capacity, and excellent flow stability. Oxide dispersion strengthened (ODS) steel serves as a candidate structural material for novel liquid cladding in fusion reactors. During decades of service in fusion reactors, corrosion between ODS steel and high-temperature liquid lithium-lead is unavoidable. The resulting degradation of material properties could potentially lead to equipment failure. Therefore, it is essential to conduct research on the corrosion compatibility between ODS steel and high-temperature liquid lithium-lead. This study employed a self-developed liquid metal rotating corrosion apparatus to conduct corrosion tests on powder metallurgy oxide dispersion strengthened steel in molten lithium-lead at 500 ℃. Tests were performed at 2000, 4000, and 6000 h. Changes in microstructure, phase composition, and mechanical properties were analyzed using scanning electron microscopy (SEM), energy dispersive spectroscopy (EDS), X-ray diffraction (XRD), and depth-sensitive indentation (DSI) techniques. The results indicate that the weight loss rate of ODS steel increases with time, while its mechanical properties decline over time. The corrosion process of ODS steel in high-temperature liquid Li-Pb primarily involves the dissolution and diffusion of metallic elements such as Fe and Cr, progressing through three distinct stages: intergranular erosion during the initial latent period, dissolution of the passivation layer in the second stage, and dissolution of the matrix in the third stage. The research findings provide important reference for evaluating the service performance of ODS steel in liquid lithium-lead environments.