Thermodynamic properties, such as free energy of mixing, heat of mixing, entropy of mixing, activities and the microscopic structural properties, such as concentration fluctuation in long-wavelength limit and chemical short-range order parameter of Pb-Tl liquid alloy at 773 K have been studied on the basis of regular associated solution model. We have estimated the mole fractions of the complex and the unassociated atoms assuming the existence of complex as energetically favoured in the liquid state. The compositional contributions of the heat of mixing of the species Pb and Tl and the heat of formation of the compound to the net enthalpy change have also been studied. The transport properties such as, viscosity and the ratio of mutual and intrinsic coefficients have been studied using different approaches. The surface concentration of Tl atoms has been computed and it has been employed to calculate the surface tension of Pb-Tl liquid alloy. Both the theoretical and the experimental values of the concentration fluctuation in long-wavelength limit are found to be less than the ideal value, revealing that the concerned system is hetero-coordinating in nature. The interaction energies are found to be temperature dependent and respective alloy is found to be weakly interacting system. BIBECHANA 13 (2016) 100-113