Although major efforts have been made to uncover the complex mechanisms of bubble nucleation and dynamics in foam injection molding, most theories and interpretations still require additional experimental verification. An innovative visualization mold was employed with which the mechanisms of bubble nucleation and growth in high-pressure foam injection molding were investigated. For the first time, the development of the cell structure in high-pressure foam injection molding was comprehensively explored and experimentally verified via in-situ visualization using polystyrene and supercritical carbon dioxide system. Two bubble-nucleation mechanisms were observed, namely, the nucleation due to a pressure drop at the gate during filling, and the nucleation due to melt shrinkage in the cavity after filling. It was the cavity pressure that determined which bubble-nucleation mechanism was dominated between these two in high-pressure foam injection molding. The final cellular structure and morphology of the foamed parts were, in turn, determined by the governing bubble-nucleation mechanism. It was concluded that a melt packing pressure is required to re-dissolve the bubbles nucleated at the gate back into the melt, and that a larger packing pressure was needed with a higher cell density by increasing the injection speed, the gate resistance, or the blowing-agent content. Because of the high resistance in the narrow cavity, the bubbles within the cavity were not pressurized uniformly, when the packing pressure was applied. A higher cell density increased the compressibility of the two-phase gas–melt mixture, aggravating the non-uniformity of the pressure in the cavity. Consequently, the bubbles far from the gate could not be pressurized immediately, and thereby could not dissolve into the polymer melt quickly. Additionally, the lower temperature of the melt far from the gate further delayed the permeation of gas into the polymer.