The microstructure of Y-Ba-Cu-O compound, sintered at 950°C for 16h, was examined by using transmission electron microscope(TEM). For the furnace cooling sample, two variants of–orthorhombic YBa2-Cu3O7−x (O-Y123) twins, grown on (110) and (110) planes, respectively, are crystallographically related to the matrix and produce a Widmanstatten morphology. The orientation relationship between the lath twin and the matrix is (001)T//(001) and T//M. The O-Y123 compound is unstable under tne electron irradition. Twin boundaries are identified as S-boundaries. The minor phases as Y2BaCuO5 (Y211) and BaCuO2 were also observed. For the air cooling sample, no superconductivity above 77K was found. The major phase is tetragonal Y123 (T-Y123), while small amount of 0-Y123 is also existent.