The thermophysical properties of low‐temperature Pb plasma are calculated at temperatures 10–100 kK and densities below 0.2 of the solid‐state value. The thermodynamic values (pressure and internal energy) and transport coefficients (electrical conductivity, thermal conductivity, and thermal power) are considered. The plasma composition and thermodynamic parameters are obtained within the chemical approach, namely by means of the solution of the corresponding system of the coupled mass action law equations. Atom ionization up to +4 is taken into consideration. The electronic transport coefficients are calculated within the relaxation time approximation. The results obtained by means of the present model are compared with the available data of other models and experiments.