The transformation behaviour of the multistage martensitic transformation in aged Ti-50.8 at.% Ni alloys was investigated by differential scanning calorimetry (DSC) and in situ scanning electron microscopy (SEM). The specimens aged from 673 to 748 K for 3.6 ks under an unregulated heat treatment atmosphere exhibited the double-stage transformation during cooling. The quadruple-stage transformation was observed in the specimens aged at 773 and 798 K, and the triple-stage transformation appeared in the specimen aged at 823 K under an unregulated heat treatment atmosphere. The distribution and size of Ti3Ni4 precipitates were heterogeneous in these specimens. The single-stage transformation in the specimen aged at 848 K was similar to that of the solution-treated specimen. In the forward quadruple-stage transformation, the R-phase transformation occurred in the intermediate region and around the grain boundary. The first martensitic transformation, which corresponded to the M1 peak in the DSC cooling curve, took place in the intermediate region of grains via the R phase. The second transformation, which corresponded to the M2 peak, occurred around the grain boundary via the R phase. The final transformation, which corresponded to the M3 peak, arose directly from the B2 parent phase at the grain centre. The transformation sequence and areas described above were quantitatively verified by comparing the SEM observations with the DSC measurements. The transformation sequence of the triple-stage transformation was also discussed.