γ-TiAl alloys, a type of intermetallic compound (commonly referred as TiAl alloys), are characterized by low density, high specific strength, and excellent oxidation and wear resistance. These properties make them highly promising for applications in strategic emerging industries such as aerospace, automotive, and low-altitude economy. Currently, TiAl alloys have been successfully applied in power systems, including aerospace engines and internal combustion engines. As a high-temperature structural material, it is essential to comprehensively understand the microstructure evolution of TiAl alloys under near-service conditions. This paper provides a comprehensive summary of the high-temperature phase transformations and characteristics of conventional γTiAl alloys and β-solidified γ-TiAl alloys. It also offers an in-depth comparison and analysis of the differences in the high-temperature transformation behaviors between the two alloy types. The mechanisms, influencing factors, and regulation methods of typical phase and microstructural transformations at high temperatures are reviewed combining the research achievements of our team in recent years. The paper concludes by outlining potential future research directions for the high-temperature microstructure evolution and behavior of these TiAl alloys, with the aim of providing valuable insights for the microstructure and composition design, and the application of hightemperature-resistant TiAl alloys.