The morphological transformations occurring in the precursor powders during the formation of the (Bi, Pb) 2 Sr 2 Ca 2 Cu 3 O 10+δ phase were investigated by scanning electron microscopy performed on the same location on the surface of a pellet, which underwent several heat treatments at 852 • C for various times. Following the evolution of a given group of grains we have found that the formation of the (Bi, Pb) 2 Sr 2 Ca 2 Cu 3 O 10+δ crystals occurs simultaneously with a gradual decomposition of the intermediate (Bi, Pb) 2 Sr 2 CaCu 2 O 8+δ phase. This result was confirmed by microprobe analysis as well as x-ray diffraction performed on the same samples. As a main result, we conclude that in the observed powder mixtures, the (Bi, Pb) 2 Sr 2 Ca2Cu 3 O 10+δ phase does not form from the pre-existing (Bi, Pb) 2 Sr 2 CaCu 2 O 8+δ crystallites but through a nucleation and growth process. Based on the present observations, a model for the phase formation mechanism of (Bi, Pb) 2 Sr 2 Ca 2 Cu 3 O 10+δ is presented.