Lead-bismuth eutectic (LBE) is one of the candidate of the coolants of fast breeder reactor (FBR). It is important to develop the proper protection of both structural and core materials from LBE corrosion. In this study, a high chromium martensitic stainless steel (ASME P122) as a promising candidate of structural materials of the FBR was investigated to clarify the corrosion behavior in stagnant LBE at 650℃ under controlled oxygen concentration. Structure of the oxygen layer surrounding the specimens and the behavior of the main alloy elements were investigated by optical and chemical analyzing. It is estimated that LBE penetration can be protected by retaining high chromium content layer at the border between the oxide and the steel.