Microscopic description of solid Pb-O formation and dissolution in liquid lead coolant is important for the modelling of fast neutron reactors. For this purpose, in this work we develop interatomic potential models for lead melt with dissolved oxygen. Potentials fitting is based on ab initio density functional theory (DFT) calculations and quantum molecular dynamics. Two different potential models are trained on the DFT data using the force-matching method: a computationally cheap embedded atom method (EAM) potential and a computationally expensive machine-learned moment tensor potential (MTP) that allows reproducing DFT data very accurately. The potentials are further validated to reproduce the properties of lead melt and the coordination of oxygen atoms in molten lead. The diffusion coefficient for oxygen in molten lead is calculated and compared with the available experimental data. We analyse how these interatomic potential models describe the crystal structure of the solid lead oxide to consider PbO nucleation and dissolution in molten lead. We extensively discuss the arising problems with the description of long-range electrostatic interactions. The possibility of matching the experimental data on the oxygen solubility limit by tuning the EAM potential is shown.