Thermal transformation is an effective remediation measure to stabilize soil Pb and other heavy metals via transformation into less soluble compounds. This study aimed to determine the solubility of Pb in soils subjected to heating at a range of temperatures (100–900 °C) in relation to the changes in Pb speciation using XAFS spectroscopy. Lead solubility in the contaminated soils after thermal treatment corresponded well to the chemical species of Pb present. As the temperature was increased to 300 °C, cerussite and Pb associated with humus started to decompose in the soils. As the temperature was further increased to 900 °C, the amount of water and HCl extractable Pb decreased significantly from the soils, whereas Pb-bearing feldspar started to occur, accounting for nearly 70% of the soil Pb. During thermal treatment, Pb species in the soils were little affected by Fe oxides that showed a significant phase transformation into hematite. Our study proposes the following underlying mechanisms for Pb immobilization in thermally treated soils: i) thermally labile Pb species such as PbCO3 and Pb associated with humus start to decompose at temperatures around 300 °C, ii) aluminosilicates with crystalline and poorly ordered structures undergo thermal decomposition at temperatures around 400 °C, iii) liberating Pb in the soil is then associated with a Si and Al rich liquid derived from thermally decomposed aluminosilicates at higher temperatures, and iv) the formation of Pb-feldspar like minerals is enhanced at 900 °C.