A detailed study of the crystallization process for compositions near Bi2Sr2Ca1Cu2Oy was undertaken using differential thermal analysis (DTA), transmission and scanning electron microscopy (TEM and SEM), and x-ray diffraction (XRD). Glasses prepared by a splat-quench technique were free of secondary phases in most cases. A two-step crystallization process in oxygen was observed in which partial crystallization of the glass occurs initially with the nucleation of “2201” and Cu2O, and is completed with the formation of SrO, CaO, and Bi2Sr3−xCaxOy. No specific thermal event could be associated with the formation of the “2212” phase. Rather, formation occurs via conversion of 2201 into 2212. This was a kinetically limited process at temperatures below 800 °C as other phases were found to evolve in addition to the 2212 phase during extended anneals. In contrast, a nearly full conversion to the 2212 phase occurred after only 1 min of annealing at 800 °C and above. However, changes in resistivity data, secondary phases, and the measured 2212 composition upon extended anneals at 865 °C showed that considerably longer heat treatments were necessary for the sample to reach its equilibrium state.