Through phase transformation kinetic analysis and experimental observation, the δ/γ transformation occurring in the non-equilibrium peritectic Fe-4.33at.%Ni alloys was systematically investigated. According to JMA solid-state transformation kinetic theory, the Time-Temperature-Transformation (TTT) curves of the δ/γ transformation in peritectic Fe-Ni alloy were calculated. On this basis, the physical correlation between the δ/γ transformation and the initial undercooling of melt (△T) was elucidated. The results indicate that the change of △T can alter not only the overall δ/γ transformation pathways but also the transformation fraction with respect to each transformation mechanism.