This study aims to evaluate the role of the extraradical mycelium of arbuscular mycorrhizal fungi in Pb transport. We also investigate how these fungi, alone or combined with the mycoremediated dry olive residue (MDOR), provide protection against Pb. We established a container system consisting of a central compartment and two lateral compartments separated by a hydrophobic membrane. The central compartment was filled with sterilized soil in which wheat plants, inoculated and non-inoculated with Funneliformis mosseae, were grown. The lateral compartments were filled with sterile, Pb-contaminated or MDOR-amended soil or combinations of both. In contrast to shoots and grains, wheat roots accumulated larger amounts of Pb with or without applications of MDOR. The extraradical mycelium (ERM) and the glomalin related protein content were significantly boosted by adding MDOR to Pb-contaminated soil samples. Wheat root biomass was decreased as the result of Pb contamination with no increases in plant phosphorous (P) uptake. However, MDOR, when added to Pb-contaminated soil samples, only boosted the accumulation of P in roots, with P content and biomass remaining unchanged in wheat shoots and grains. Our study highlights the role of the ERM in Pb transport its accumulation in wheat roots and how the protection effect exerted by AMF seemed to rely on MDOR application by increasing the P uptake rather than Pb.