The soils treated with phosphate rock (PR) and oxalic acid activated phosphate rock (APR) mixed with decomposed rice straw were incubated in different moisture conditions for 60 days to study the effect on the basic property of the soil and on the speciation variation of Pb. The results showed that all these three types of immobilizing materials increased the pH, the Olsen-P, the exchangeable Ca and the soil cation exchange capacity, and APR showed more obvious effect; the pH and the exchangeable Ca of soil in the flooding treatment were higher than those in normal water treatment (70%), but the Olsen-P of soil in normal water treatment was a little bit more. These materials reduced exchangeable Ph fraction, and converted it into unavailable fraction. But the APR was better than raw PR in immobilizing lead, and the exchangeable Pb fraction was reduced by 40.3% and 24.2%, compared with the control, respectively, and the immobilization effect was positively correlated with the dosage. Decomposed rice straw could transform the exchangeable Ph fraction in soil into organic-bound fraction, while the flooding treatment changed it into the Fe-Mn oxide-bound and residue fractions.