The use of molten lead as a heat exchange fluid poses important critical issues, both in terms of corrosion resistance and creep resistance, due to the temperatures and structural stresses reached during operation. The objective of this work has been the investigation of the corrosion resistance and mechanical properties of new experimental compositions of alumina-forming stainless-steel candidates for these applications. The exposures to stagnant liquid lead were carried out for 500 and 1, 000 hours, at temperatures of 550 and 650 °C, with controlled amounts of oxygen dissolved in the liquid lead. In comparison with the AISI 316L and T91 both tested as reference materials, the studied alloys showed highly promising corrosion behavior and mechanical properties. According to these results, the proposed steels are appropriate for components that will operate in liquid lead at elevated temperatures without corrosion, while maintaining good mechanical properties.