Through a detailed study of the mean-field approximation, the Gaussian approximation, the perturbation expansion, and the field-theoretic renormalization-group analysis of a φ3 theory, we show that the instability fixed points of the theory, together with their associated instability exponents, are quite probably relevant to the scaling and universality behavior exhibited by the first-order phase transitions in a field-driven scalar ϕ4 model, below its critical temperature and near the instability points. Finitetime scaling and leading corrections to the scaling are considered. We also show that the instability exponents of the first-order phase transitions are equivalent to those of the Yang–Lee edge singularity, and employ the latter to improve our estimates of the former. The outcomes agree well with existing numerical results.