In the present work, a new calculation method for oxygen and iron concentration parameters that can be used to calculate corrosion was proposed for a non–isothermal liquid lead–bismuth eutectic (LBE) loop with solid–phase oxygen control system. We aimed to optimize the prediction of one–dimensional distribution of the bulk oxygen and iron concentrations, as well as the dissolution/precipitation rates of corrosion products along the entire LBE loop by incorporating the dissolution process of PbO particles and the oxygen mass transfer process. In numerical terms, three mass transfer models were simultaneously applied. The simulation results indicated that the iron concentration dissolved in the liquid LBE was negatively related to oxygen concentration, and correlation between dissolution/precipitation rate and temperature clearly revealed that dissolution and precipitation areas corresponded respectively to hot region and cold region in the LBE loop. Dissolved corrosion products were transported by the flowing liquid to the cold region of the loop and re–precipitates there. These regulars were consistent with previous reports. Comparisons of calculated and experimental results from CRAFT and DELTA loops indicated that the optimized calculation method and corrosion model were applicable to other LBE loops.