A novel “green” chemical route was designed to prepare nanostructured Bi2Te3 in near-critical water using the biomolecule alginic acid as reductant. The supercritical or near-critical synthesis gives a rapid method for the preparation of nanomaterials, and the formation of Bi2Te3 can be finished within several minutes. The formation and growth of Bi2Te3 was studied by in situ synchrotron radiation powder X-ray diffraction (SR-PXRD). Comprehensive in situ experiments give direct evidence of the phase formation and grain growth of Bi2Te3. Near-critical preparation of Bi2Te3 results in nanoscale particles with a plateletlike structure. The concentration of NaOH appears to play a crucial role on the particle size while it is little affected by the synthesis temperature.