Element clustering and structural features of liquid lead-bismuth eutectic (LBE) alloy have been investigated up to 720 °C by means of high temperature X-ray diffraction (HT-XRD), X-ray Photoemission Spectroscopy (XPS) and Scanning Photoemission Microscopy (SPEM) at the Elettra synchrotron in Trieste. The short-range order in liquid metal after melting corresponds to the cuboctahedral atomic arrangement and progressively evolves towards the icosahedral one as temperature increases. Such process, that involve a negative expansion of the alloy, is mainly connected to the reduction of atom distance in Pb–Pb pairs which takes place from 350 °C to 520 °C. On an atomic scale, it is observed a change of the relative number of Bi–Bi, Pb–Pb, and Pb–Bi pairs. The Pb–Bi pairs are detected only at a temperature above ~350 °C, and its fraction progressively increases, giving rise to a more homogeneous distribution of the elements. SPEM results showed evidence that the process of chemical homogenization on an atomic scale is preceded and accompanied by homogenization on micro-scale. Clusters rich of Bi and Pb, which are observed after melting, progressively dissolve as temperature increases: Only a few residuals remain at 350 °C, and no more clusters are detected a 520 °C.