Significance We use high spatiotemporal resolution single-molecule microscopy to directly visualize the structural transitions underlying each step of the molecular motor kinesin-1 at physiological stepping rates. Our results identify a one-head–bound intermediate in the stepping cycle that is initiated by ATP binding and is terminated by ATP hydrolysis. These results supersede previous functional studies because they identify the transitions that must occur to produce a step as opposed to transitions that may occur if the motor is studied under controlled conditions. We thus show that kinesin utilizes a two-step powerstroke mechanism to walk at maximum velocity. The single-molecule methods developed here are broadly applicable for resolving protein conformational changes as small as 2 nm with millisecond temporal resolution.