This study investigated the substructure evolution in lenticular martensite. The substructure of lenticular martensite changes from fine transformation twins in the midrib and twinned region to a high density of dislocations in the untwinned region during growth. On the basis of careful observation of the morphology and substructure of midrib and examination of the stress-induced growth behavior of thin plate martensite, we concluded that the midrib in lenticular martensite is thin plate martensite itself. Tangled and curved dislocations appeared near the martensite-austenite boundary of the untwinned region in Fe-33Ni and in the entire untwinned region in Fe-31Ni, because the martensite inherited the accommodation dislocations in the surrounding austenite. The difference of Ms temperature causes the difference in the substructure between Fe-33Ni and Fe-31Ni. The higher Ms temperature of Fe-31Ni induces the plastic deformation of the surrounding austenite at an earlier stage of transformation, resulting in the appearance of tangled and curved dislocations in the entire untwinned region.