A homocoupling reaction mechanism of bromobenzene mediated by the [Ni(cod)(bpy)] (cod = 1,5-cyclooctadiene; bpy = 2,2'-bipyridine) complex was investigated by means of in situ time-resolved X-ray absorption fine structure (XAFS) and factor analysis. A dimer intermediate [Ni(bpy)(Ph)Br](2) proposed in the previous studies by other groups is too dilute to observe with the XAFS technique; however, the structures and concentrations on the time course of a reactant [Ni(cod)(bpy)], an intermediate [Ni(bpy)(Ph)Br(dmf)(2)], and a by-product [Ni(bpy)Br-2(dmf)] during reaction are revealed by this combination.