The link between microstructure evolution, micromodulated domain and the structure transformation of Ni-Mn-Ga shape memory microwires prepared with rapid solidification is studied systematically by TEM and HRTEM. Multiple microdomain structures are determined according to the corresponding diffraction spots. The domain structure with a periodic distortion is a kind of characteristic of premartensitic phase. When cooling below the martensitic transformation temperature, the austenitic phase transforms to modulated 5M martensite, and the sequence of phase transformation can finally be confirmed from austenite to premartensite to 5M martensite during cooling. The characterization of micromodulated domain and the structure characteristics of austenite at atomic scale provide comprehensive understanding on the martensitic phase transformation route. (C) 2018 Published by Elsevier B.V.