Mg72.5Zn26Y1.5 quasicrystal alloys were treated under different heat treatment process. The microstructures of the alloys were investigated. The quasicrystal and eutectic morphologies and their transformation during heat treatment process were detailedly studied. The results showed that lamellar and dendritic eutectic phases throughout the matrix were evidently formed under heat treatment process 310°C×30min water quenched and 310°C×30min liquid nitrogen deep cooling, respectively. Furthermore, quasicrystals of dragonfly-like and bulk polygon morphology were formed under heat treatment process 575°C×15min water quenched and 700°C×2min cooled with furnace, respectively. Various morphologies’ transformation mechanism during heat treatment process were also studied.