This research has been performed to investigate the effect of ageing onto the grain refinement of 82wt%Cu-13.5wt%Al-4.5wt%Ni-0.1wt% misch metal alloy with ageing temperature and time. The variation of transformation temperature with ageing has been found to be heavily dependent on ageing time and temperature. In the second reversed transformation cycle, the temperature of Ms point decreases with ageing time at 300, but no variation at 100. The temperature of As point increases with ageing time at both temperatures. After the second reversed transformation cycle, the transformation temperature does not show any significant changes in martensitic phase with ageing, the temperature of Ms point being the same afterwards. Parent phase after ageing appears to show M18R and N2H martensitic phases depending on the ageing time and temperature. It is also found that α and γ2 phases are formed only at the condition of 300 and 24h.