This research was performed to investigate the effect of ageing on grain refinement of 82wt%Cu-13.5wt%Al-4.5wt%Ni-0.1wt% misch metal alloy with ageing temperature and time. The results obtained in this study are as follows; The variation of transformation temperature with ageing temperature had very influence on ageing time at $300^{circ}C$. But it had not influence on ageing time at $100^{circ}C$. The variation of transformation temperature after second reversed transformation cycle was not occured in martensitic phase ageing, but $M_s$ point was appeared equally with third reversed transformation cycle in parent phase ageing. The variation of $M_s$ point was not nearly with ageing time at $100^{circ}C$ ageing temperature. But it was decreasing with ageing time at $300^{circ}C$ ageing temperature and $A_s$ point was increasing with ageing time. Structure of parent phase ageing was being M18R martensitic and N2H martensitic phase. It was found that ${alpha}$ and ${gamma}_2$ phase were created by ageing of long time at $300^{circ}C$ ageing temperature.