A phased transactional memory (PhTM) may support a plurality of transactional memory implementations, including software, hardware, and hybrid implementations, and may provide mechanisms for dynamically transitioning between transactional memory modes in response to changing workload characteristics; upon discovering that the current mode does not perform well, is not suitable, or does not support functionality required for particular transactions; or according to scheduled phases. A system providing PhTM may be configured to transition from a first transactional memory mode to a second transactional memory mode while ensuring that transactions executing in the first transactional memory mode do not interfere with correct execution of transactions in the second transactional memory mode. The system may be configured to abort transactions in progress or to wait for transactions to complete, be aborted, or reach a safe transition point before transitioning to a new mode, and may use a global mode indicator in coordinating transitions.