In this study, microstructural evaluation was carried out on secondary hardening type ultrahigh strength steel, Fe-Co-Ni composition. This paper as a first part of whole research presented the microstructural behavior by cyclic heat treatment. The cyclic heat treatment method includes normalizing, stress relieving, solution treatment and aging. Especially, solution treatments performed triple times to get maximized solution hardening. Phase transformation and microstructure were observed by using optical microscope (OM), Electron back-scattered diffraction (EBSD) and X-ray stress analyzer. During the triple solution treatment, size of grain boundary was dramatically decreased by generating a packet from the martensite transformation of residual austenite in the inner part of grain, whereas the hardness increase was not significant.