The microstructure developed in primary crystallizations is studied under realistic conditions. The primary crystallization of an amorphous alloy is modeled by considering the thermodynamics of a metastable phase transition and the kinetics of nucleation and crystal growth under isothermal annealing. A realistic growth rate, including an interface controlled growth at the beginning of the growth of each single grain and diffusion controlled growth process with soft impingement afterwards is considered. The reduction in the nucleation rate due to the compositional change in the remaining amorphous matrix is also taken into account. The microstructures developed during the transformation are obtained by using the Populational KJMA method, from the above thermodynamic and kinetic factors. Experimental data of transformed fraction, grain density, average grain size, grain size distribution and other related parameters obtained from annealed metallic glasses are modeled.