The article presents the excitation functions of 194Hg, which is formed in Pb–Bi eutectic, on lead and bismuth isotopes in deep spallation reactions. The 194Hg production cross sections were measured by direct gamma spectrometry in lead targets enriched in 208Pb, 207Pb, and 206Pb, respectively, as well as in natural lead and bismuth, irradiated with protons of 11 energies from 0.04 to 2.6 GeV. Where possible, the experimental data are compared with the data of other authors, as well as with the simulated excitation functions of this nuclide, obtained using various high-energy transport codes - MCNP6.1 (CEM03.03), PHITS (INCL4.6/GEM), Geant4 (INCL++/ABLA) and the TENDL-2019 data library evaluation.