Phase transformation and crystal growth behavior of Ge2Sb2Te5 were investigated systematically by means of in situ heating (from room temperature to 500 oC) of amorphous Ge2Sb2Te5 alloy in a high voltage electron microscope with real-time monitoring. Large-scale crystallization occurred to amorphous Ge2Sb2Te5 around 200 oC. Large crystal growth developed on heating from 200 oC to 400 oC, and single crystalline grains grew up to 150 nm. Eventually the onset of partial melting of thin Ge2Sb2Te5 foil was at 500 oC and liquid Ge2Sb2Te5 was observed for the first time by high-resolution transmission electron microscopy. Hexagonal Ge2Sb2Te5 phase remains after a subsequent cooling.