Crevice corrosion is a significant form of localized corrosion that can lead to failures in structural components. However, there is a lack of research on this phenomenon in liquid lead-bismuth eutectic (LBE). In this study, the crevice corrosion behavior of 316 L exposed to stagnant LBE with the oxygen concentration of 1 × 10–6 wt.% at 550 °C for 500 h was examined for the first time. Microstructural characterizations indicated 316 L is susceptible to crevice corrosion and reducing the crevices size facilitates a transition from oxidation to dissolution corrosion. Grain boundaries are able to provide more diffusion channels for oxygen, thereby promoting the development of Cr-rich oxides and chemical segregations beneath the surface scale. A simplified model elucidating the transportation of dissolved oxygen within the crevice environment of LBE has been developed.