Structural formation of Bi1.65Pb0.35Sr2Ca4Cu5Oy(2245 phase) superconducting compound was investigated by preparing the sample in a new matrix route. The phases formed at different intervals of heat treatment are monitored by X-ray diffraction studies. Bi-2212 phase was found to be the predominant phase till 20 hours of sintering at 850°C after which Bi-2223 phase was found to be the major phase. Traces of Ca2PbO4were also noticed along with 2212 and 2223 phases. For the first time, the highestTConset of 127 K with maximum superconducting volume fraction was observed for the sample sintered at 850°C for 30 hours in this preparation. Further sintering is found to deteriorate theTConset value of the sample. There was no signature of the formation of 2234 or 2245 phase in this synthesis.