The results of a microscopy and FTIR and PL spectra study of the natural polycrystalline diamonds from the Mengyin kimberlite pipes show that they can be classified as the euhedral faceted polycrystalline diamonds (EFPCDs) and anhedral rounded polycrystalline diamonds (ARPCDs). Different diamond grains or their points were formed in different conditions or processes. They were not formed in diamond nucleation stage, but in the diamond growth period. They probably originated from the relatively deeper mantle and were formed in the environment like the peridotitic (P) type diamond single crystals. The EFPCDs did not undergo a remarkable dissolution process during their formation and were possibly fast formed shortly before the kimberlite eruption. The ARPCDs not only were formed at a higher temperature than the EFPCDs but also underwent a notable dissolution process and had been stored relatively longer in the mantle. Fluids or melts probably participated in the formation of the ARPCDs or modified them during the period of their storage in the mantle.