In the present study, we have investigated the time and temperature dependence of the transition of as-cast metastable Fe-(9-33at.%)Ga ‘Galfenol’ alloys to the equilibrium state along with corresponding changes in their functional properties and anelastic effects that accompany these transitions. To characterize such a Time-Temperature Transformation (TTT) diagram, we used both long-time isochronal annealing (up to 300hrs) and instant heating treatments with different temperature protocols. In-situ neutron diffraction, X-Ray Diffraction (XRD), Differential Scanning Calorimetry (DSC), Vibrating-Sample magnetometer (VSM), Vickers Hardness (HV), Scanning Electron Microscope-Electron Backscatter Diffraction (SEM-EBSD), Mössbauer and mechanical spectroscopy techniques were used.