Pb-Bi is considered to be a candidate for the spallation target material needed to produce neutrons for long-lived nuclear waste transmutation. In the case of the Pb-Bi alloy, one of the fundamental parameters on which the corrosion process depends is the concentration of oxygen dissolved in Pb-Bi. In this paper, specific results obtained in liquid Pb-Bi, both in the dissolution range and in the oxidation range, are presented. Corrosion results obtained in a Pb-Bi corrosion loop, together with models to predict the dissolution rates, are given. The need to determine physicochemical data in these models is also described. Finally, some results from oxidation tests are discussed.