Flux-grown single crystals of the elpasolite-like perovskite Pb2CoWO6 were characterized by polarized light microscopy, electric conductivity, ferroelectric polarization, elastic and inelastic neutron scattering, and DSC. A sequence of 4 phases is found: cubic, Fm3m(I) ↔ (at ∼298 K) monoclinic, incommensurate(II) ↔ (at ∼235 K) ferroelectric(III) ↔ (at 9 K) ferromagnetic/ferroelectric(IV). The transitions II/III and I/II are of first order with the respective latent heats: 290 and 840 J/mol Pb2CoWO6. The structure of phase I was refined with the Rietveld system program, using the 306 K neutron diffraction data. In this phase, a soft phonon mode with wave vector q along Σ has been observed, which condenses near the zone boundary point X.