This review article is devoted to studies of the structure and properties of Fe–Ga alloys that serve as functional materials with high magnetostriction. Particular attention is paid to diffraction methods that allow one both to monitor phase transformations in real time and identify phase structures and microheterogeneities in their structure. Based on the studies published in recent decades, the existing equilibrium diagrams and mechanisms of formation of elastic and anelastic properties, including magnetostriction and internal friction, are critically analyze