Owing to the high temperature resistance, excellent high temperature oxidation and corrosion resistance, low density and production cost, Ni3Al-based intermetallic alloys have broad applications and attract much attention. In order to widen the application field of the Ni3Al-based superalloy, it is urgently important to improve the high-temperature performance on the basis of good weldability. Under this background, in the composition design of Ni3Al alloy, the high Fe and Cr contents can effectively enhance the phase composition and weldability of Ni3Al-based intermetallic alloys. Based on this, the microstructural characterization and phase separation sequences during solidification of a newly designed multiphase Ni3Al-based intermetallic alloy modified with high Fe and Cr elements are analyzed. On account of the typical solidification structure of the multiphase Ni3Al-based intermetallic alloy comprising γ'+γ dendrite, interdendritic β and γ'-envelope, etc., the microstructural evolutions of the alloy under different solution cooling rates, high temperature annealing, and long-term ageing processes are summarized. The effects of its corresponding complex microstructural variables (size of primary γ' phase, morphology of β, phase evolution in the interior of β, widening of γ' -envelope) on the creep behaviors of the multiphase Ni3Al-based intermetallic alloy are systematically discussed. Recent advances in welding and joining of multiphase Ni3Al-based intermetallic alloy are summarized, and the development of multiphase Ni3Albased intermetallic alloy is also prospected.