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Positron annihilation lifetime spectroscopy (PALS) measurements were performed between 93 and 293 K in order to study the supercooled smectic-E (Sm-E) phase of 4-n-butyl-4'-isothiocyanato-1,1'-biphenyl (4TCB), the ordered molecular crystal of 4TCB, and the phase transition between the Sm-E phase and the ordered molecular crystal of 4TCB. The phase transition was well reflected in the abrupt increase of the ortho-positronium (o-Ps) lifetime and intensity. The value of the o-Ps lifetime in the Sm-E liquid crystalline phase of 4TCB, i.e., 2.21 ns at room temperature, was explained by the formation of bubbles induced by Ps atoms, which are created due to a liquidlike state of the butyl chains of 4TCB molecules in the Sm-E phase. The temperature dependence of the o-Ps intensity for the supercooled Sm-E phase can be explained by thermal generation of sites where bubbles are formed; an activation energy equal to 0.30±0.02 eV was estimated. This value was compared with the activation energies of molecular motions. The o-Ps lifetime in the ordered molecular crystal was interpreted as originating from the annihilation of o-Ps confined in molecular vacancy-type imperfections in the crystal lattice. The value of the o-Ps pickoff annihilation between 1.8 and 1.9 ns is in accordance with the size of the molecular vacancy for the 4TCB crystal lattice. Its intensity is lower than 5%. The isothermal crystallization of the 4TCB Sm-E phase was observed by PALS. The low-dimensional crystal growth was concluded from the Avrami equation fitted to the time dependence of the o-Ps intensity, which resulted in an Avrami exponent equal to 1.73.