Microstructure evolution of peritectic Al-25at.%Ni alloy during directional solidification with pulling velocity ranging from 2 to 500m/s is investigated. The directional solidified alloy is composed of Al3Ni2, Al3Ni phase and eutectic (Al3Ni+Al) phase. When pulling velocity ranges from 2 to 5m/s, Al3Ni phase grows into an integral matrix. Majority of primary Al3Ni2 is consumed by peritecti reaction and transformation behind the peritectic interface with pulling velocity ranging from 2 to 20 m/s. While pulling rate increases, major Al3Ni phase direct solidifies from liquid. With cooling rate increasing, Al3Ni2 phase content firstly decreases and then increases, while the Al3Ni phase content decreases throughout.