Systematic studies on the crystal structure and magnetic properties of light rare earth element(RE) compounds with Pb, $REPb_{2}$, have been carried out. Their crystal structure has been identified to be a $MoSi_{2}$-type. The values of the effective magnetic moment for $CePb_{2},;PrPb_{2};and;NdPb_{2}$ are respectively very close to the theoretical values of $RE^{3+}$. These three compounds are antiferromagnetic and exhibit a metamagnetic transition. The magnitude of the Neel temperature is proportional to two-thirds of the de Gennes factor. The magnetic entropy change for $NdPb_{2}$ is contrast to the value for $CePb_{2}$ heavy-fermion compound, comparable to the theoretical value. The magnetic contribution to the temperature dependence of resistivity for $PrPb_{2}$ is given by a form of -lnT in a wide temperature range, implying the Kondo system in analogy with $Cepb_{2}$.