In order to elucidate thermal stability of Fe-$Fe_2Ti$ eutectic structure, the initial several structures have been investigated in the changes of coarsening and spheroidization during prolonged annealing under the eutectic temperature. The results are as follows: 1) The rate constant of coarsening and spheroidization was formulated as $S^{-n}-S_0^{-n}=k{cdot}t$, where S is the total area of the interface between ${alpha}$ and C($Fe_2Ti$) per unit volume, $S_0$ is initial value and k is the rate constant. 2) The coarsening and spheroidization mechanism was described by Ostwald ripening and controlled by diffusion of Ti-atom in ${alpha}$-phase. 3) The spheroidization rate constant in eutectic lamellar structures was depended upon annealing temperature and showed the Arrhenius relation. The activation energy for spheroidization of lamellar structure was 365 kJ/mole.