We report a joint experimental and theoretical study of the dynamical and structural properties of lead fluoride $({\mathrm{PbF}}_{2}).$ Specifically, we have performed detailed measurements of the room-temperature Raman-active phonon modes to 310 kbar. We verify the transition at about 4 kbar from the cubic (\ensuremath{\beta}) to the orthorhombic (\ensuremath{\alpha}) phase and the recovery of the \ensuremath{\alpha} phase at ambient conditions. At approximately 147 kbar, we observe a transformation from the \ensuremath{\alpha} phase to a modification that we label \ensuremath{\gamma}. The data indicate that the \ensuremath{\gamma} phase is structurally similar to the orthorhombic \ensuremath{\alpha} phase. Moreover, we have carried out first-principles calculations which support the existence of a transition in this pressure range, although the crystal structure of the new phase remains undetermined. We have also calculated the equations of state for the two low-pressure phases, \ensuremath{\beta} and \ensuremath{\alpha}. In the case of the \ensuremath{\alpha} phase, we have made a complete structural determination by calculating the pressure-dependent values of all six internal structural parameters as well as the axial ratios, $c/a$ and $b/a$, for pressures ranging from zero up to 2 Mbar. Using the calculated \ensuremath{\alpha}-phase equation of state, we also extract Gr\"uneisen parameters from the data for several optical phonon modes.