Mushrooms have the ability to accumulate high concentrations of heavy metals, which gives them potential for use as bioremediators of environmental contamination. The $Pb^{2+}$ tolerance and accumulation ability of living mycelia of Flammulina velutipes were studied in this work. Mycelial growth was inhibited when exposed to 1 mM $Pb^{2+}$. The colony diameter on solid medium decreased almost 10% compared with the control. Growth decreased almost 50% when the $Pb^{2+}$ concentration increased to 4 mM in the medium, with the colony diameter decreasing from 80 mm to 43.4 mm, and dry biomass production in liquid cultures decreasing from $9.23{pm}0.55$ to $4.27{pm}0.28g/L$. Lead ions were efficiently accumulated in the mycelia. The amount of $Pb^{2+}$ in the mycelia increased with increasing $Pb^{2+}$ concentration in the medium, with the maximum concentration up to $707{pm}91.4mg/kg$ dry weight. We also show evidence that a large amount of the $Pb^{2+}$ was adsorbed to the mycelial surface, which may indicate that an exclusion mechanism is involved in Pb tolerance. These results demonstrate that F. velutipes could be useful as a remediator of heavy metal contamination because of the characteristics of high tolerance to $Pb^{2+}$ and efficient accumulation of $Pb^{2+}$ ions by the mycelia.