The microstructure in a Co-rich, Co-15 at.% Nb alloy was characterized in the as-cast condition. A predominantly lamellar eutectic morphology composed of a Co-Nb solid solution and the C15 Laves phase NbCo2 was confirmed by transmission electron microscopy. The C15 phase was heavily twinned, with only one variant of twins being present in the individual lamella, while the Co solid solution had the face centered cubic structure. In-situ heating to 600°C in the microscope confirmed the decomposition of the metastable Laves phase into a fine equiaxed, ˜10-20 nm grain size microstructure, and the product phase is the monoclinic Nb2Co7. The individual grains appear faulted. The matrix solid solution retained the fcc structure and no change in structure was observed on cooling to room temperature. Heating to temperatures as high as 1130°C leads to rapid grain growth in the Nb2Co7 phase, and the nucleation and growth of a few new grains within the original grains; however, the reverse peritectoid transformation previously reported, was not observed.