The growth mechanism of Onion-like fullerenes (OLFs) synthesized by arc discharge in liquid benzene was discussed. HRTEM was employed to characterize the morphologies and microstructures of the products. Results showed that the typical OLFs were highly crystallized with uniform diameter of 10-30nm. The growth of OLFs depended on the appropriate temperature gradient and quenching zone provided by the bubbles. The aromatic debris could act as graphite fragments composed of hexagonal carbon rings. The reducing of dangling bonds on the edges of graphite fragments would lower the energy of the system, resulting in formation of a close-caged structure at suitable temperature gradient by the auto-curling of graphite fragments. Based on the impact of the innermost core shape, such as C60 shape, quasi-spherical or polyhedral hollow concentric OLFs was formed. Adding ferrocene, ferrocene directly influenced the morphology and yield of OLFs.