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The microstructural evolution and the martensitic transformation (bcc–hcp and bcc–fcc) mechanisms during the solidification process of liquid metal Pb were studied by molecular dynamics simulation. Results indicate that, with the decrease of temperature, the system undergoes two phase transitions: from the liquid state into a metastable bcc phase first and then from the bcc phase into a coexisting crystal structure of hcp and fcc phases. Moreover, the complicated martensitic transformation processes are clearly observed by cluster type index method (CTIM) and the tracing method. The two transformation mechanisms are very analogous at the atomic level; the essential difference between them is that, in the bcc–hcp transformation, two adjacent layers shift in opposite directions, whereas in the bcc–fcc transformation, the top layer and bottom layer shift in opposite directions relative to the middle layer. The specific mechanisms for the bcc–hcp and bcc–fcc transformations are confirmed to correspond to the revised Burgers mechanism and Bain mechanism, respectively. [ABSTRACT FROM PUBLISHER]