Pietro and Lucrezia only had one son, Alvise Loredan (1521–93), who married Elena di Giovanni Emo and continued the lineage with numerous offspring.

The fortune, real estate and land, in Venice and in the territories of Padua and Treviso, was divided by will among the numerous descendants who continued to use the ancestral residence in Rio della Frescada.

He intervened in the Senate, asking for the reduction of the sum that the Jews had to pay for their "conduct" and ruled in favor of a league with France, also willing to sell Cremona and Ghiara d'Adda in exchange for others territories.

Business did not, however, distract him from public service, as evidenced by the various candidacies and the appointment in the College of the Twenty Wise Men, while his financial fortune allowed him to enter the committee of guarantors of Banco Priuli.

Religious and morally upright, educated, and of uncommon wisdom, Pietro, reluctant at the beginning, in the two and a half years of his reign showed recognized gifts of balance and prudence.

Pietro showed a strong commitment to cope with the famine that struck Venice during his reign, as well as with the fire, considered arson, which devastated the Arsenal in 1569.

The Senate met exceptionally, in absence of the doge, to deal with emergencies and, with an unusual procedure, hastened the appointment of his successor, Alvise I Mocenigo, who was elected on 9 May.