We carry out a systematic study of Pb III properties using a hybrid method that combines configuration interaction and linearized coupled-cluster approaches. The calculations start from a [Xe]4f 14 5d 10 Dirac-Fock potential. Excitation energies and lifetimes of the 6p 2 , 6sns, 6snp, and 6snd (n 9) states are evaluated. Reduced matrix elements, oscillator strengths, and transition rates are determined for allowed electric-dipole transitions including these states. Extensive comparison with other theoretical and experimental values is carried out. Electric-dipole polarizabilities of the 6s 2 1 S 0 , 6s6p 3 P 0 , and 6s6p 3 P 1 states in Pb III and ground state polarizability of Pb 4+ are reported.