Through indoor incubation experiments, the effects of different application rates of biochar and lime on soil pH and cadmium (Cd) form in Cd-contaminated soil were studied. The results showed that the combination of biochar and lime could significantly increase soil pH, and these effects increased significantly with the increasing application amounts. With the increasing application amounts of lime and biochar, the exchangeable Cd decreased gradually. After 60 days of incubation, the exchangeable Cd contents in soil with a Cd concentration of 5 mg/kg was reduced by 36.80%, 49.12%, and 57.38%, respectively, compared with the control. The soil exchangeable Cd contents in the soil containing 20 mg/kg Cd was reduced by 29.27%, 31.68%, and 39.03%, respectively, compared with the control. The carbonate-bound Cd, iron-manganese oxide-bound Cd, and organic-bound Cd were increased in two soils. Although the residual Cd was increased, there were differences among different concentrations. Overall, under the conditions of this experiment, combined application of lime and biochar had better effect on the Cd inactivation in soil with a concentration of 5 mg/kg than that of a soil with a concentration of 20 mg/kg.