Single crystals of the first M-Pb-In-Se quaternary selenide, Fe0.47Pb8.04In17.37Se34, with the structure stabilized by a divalent transition metal (M = Fe), have been grown by a solid-state reaction. The Fe-II ions partially occupy at the In sites with various Fe/In ratios. Thus, a new crystal structure is evolved by partially occupied minor Fe atoms at In sites. A part of the In atoms shows remarkably distorted octahedral coordination. This compound shows relatively high conductivity (similar to 40 S/m at 300 K) with a narrow-band-gap-type semiconducting property (E-a = 0.078 eV).