The one-step seed-mediated synthesis is widely used for the preparation of ferromagnetic metal nanoparticles (NPs) since it offers a good control of particle morphology. Nevertheless, this approach suffers from a lack of mechanistic studies because of the difficulties of following in real time the heterogeneous nucleation and predicting structure effects with seeds that are generated in situ. Here, we propose a complete scheme of the heteronucleation process involved in one-pot seed-mediated syntheses of cobalt nanoparticles in liquid polyols, relying on geometrical phase analysis (GPA) of high-resolution high-angle annular dark field (HAADF)-STEM images and in situ measurements of the molecular hydrogen evolution. Cobalt particles of different shapes (rods, platelets, or hourglass-like particles) were grown by reducing cobalt carboxylate in liquid polyols in the presence of iridium or ruthenium chloride as the nucleating agent. A reaction scheme was established by monitoring the H2 evolution resulting from the decomposition of metal hydrides, formed in situ by β-elimination of metal alkoxides, and from the polyol dehydrogenation, catalytically activated by the metal particles. This is a very good probe for both the noble metal nucleation and the heterogeneous nucleation of cobalt, showing a good separation of these two steps. Ir and Ru seeds with a size in the range 1-2 nm were found exactly in the center of the cobalt particles, whatever the cobalt particle shape, and high-resolution images revealed an epitaxial growth of the hcp Co on fcc Ir or hcp Ru seeds. The microstructure analysis around the seeds made evident two different ways of relaxing the lattice mismatch between the seeds and the cobalt, with the presence of dislocations around the Ir seeds and compression zones of the cobalt lattice near the Ru seeds. The relationship between the nature of the nucleating agent, the reaction steps, and the microstructure is discussed.