In this work, differential scanning calorimetry (DSC) and microstructural analysis were used to study the transient-liquid-phase sintering (TLPS) of a Cu-Sn-Bi powder mixture. During sintering, the liquid phase shifts from a Sn-rich (i.e., ϳ90 wt pct Sn) to a Bi-rich (i.e., Ͼ78 wt pct Bi) composition. In addition, the presence of Bi creates two melting events: a Sn:Bi eutectic reaction at 139 °C and a reaction involving the melting of (Bi) at 191 °C. The Sn:Bi eutectic melting event was fully transient. The melting event at 191 °C was consistent with the formation of a terminal Bi-rich liquid phase. The rate of compositional shift toward this terminal liquid phase at 260 °C was dependent on the rate of the reaction of the Sn with the Cu powder to form intermetallic phases. For mixtures made with medium and fine Cu powder, the terminal Bi-rich composition was reached after isothermal hold times of 20 and 15 minutes, respectively. This resulted in a new melting point for the mixture of 191 °C. For coarse Cu powders, the rate of the compositional shift toward a Bi-rich composition was much slower. The liquid phase remained at a hypoeutectic Sn-Bi composition estimated at 80 wt pct Sn, while the mixture maintained a melting point of 139 °C.