The dendrite growth kinetics and microstructure evolution mechanism of the Ni2TiAl intermetallic compound within substantially undercooled liquid Ni64Al19Ti17 alloy were investigated using electrostatic levitation (ESL) and drop tube (DT) techniques. The growth velocity of primary Ni2TiAl dendrites displayed a power-law relation with liquid undercooling, achieving a maximum of 80 mm/s at the undercooling of 254 K (0.16 TL). The solidification pathway transformed from primary Ni2TiAl growth plus subsequent (Ni3Ti+Ni2TiAl) eutectic growth into the successive growth of Ni2TiAl and Ni3Ti phases as the alloy undercooling increased sufficiently. The high cooling rates of freely falling alloy droplets effectively suppressed the martensitic transformation observed for primary Ni2TiAl intermetallic compound under typical ESL radiative cooling condition. Both nanoindentation and Vickers hardness performances of the Ni2TiAl phase formed under these two conditions exhibited conspicuous enhancement due to grain refinement effects. The microstructures with martensitic transformation under ESL condition showed higher hardness than those under DT condition despite their larger grain size.