The Ni-Al intermetallic compound that has the greatest potential to be commercialized shows the high ductility at room temperature with the addition of boron, but has extremely low ductility at high temperature and oxidation environment. On this research work, the changes of microstructure and compressive fracture properties were studied in ($NiAl+Ni_3Al$) two-phase alloys. The precipitation behavior of $Ni_3Al$ after solution treatment at $1300^circC$ for 14hrs and aging treatment at $800^{circ}C$ for 14hrs was varied with Al content in ($NiAl+Ni_3Al$) two-phase alloys. These microstructure could be modified dramatically by suitable heat treatments. Martensite or martensite plus $Ni_3Al$ microstructure was obtained upon oil quenching from $1300^circC$. Aging of Martensite at $800^circC$ resulted in the $Ni_3Al$ plus NiAl phase. The compressive fracture strength and compressive fracture strain were improved by the $Ni_3Al$ plus NiAl phase mixtures at room temperature and $1100^circC$. Microcracks are observed mostly in the region of NiAl and the interface of $NiAl-Ni_3Al$ phase after compressive test at room temperature. In the case of high temperature compressive test, microcracks are formed in the region of $Ni_3Al$ phase.