We present the first high temperature x-ray diffraction (HTXRD) studies of in situ quasicrystal-crystal and crystal-crystal transformations in Ti–Zr–Ni alloys. Together with differential scanning calorimetry studies, these x-ray measurements indicate three separate paths for the Ti–Zr–Ni quasicrystal-crystal transformation: single exothermic, single endothermic, or multiple endothermic. The mode of transformation depends on the alloy composition and the level of environmental oxygen. The crystalline products include the Ti2Ni, MgZn2 Laves, α−(Ti, Zr), and β−(Ti, Zr) phases. In the absence of oxygen, the endothermic transformation of the quasicrystal demonstrates that it is the lowest free energy (stable) phase at the Ti53Zr27Ni20 composition. Oxygen stabilizes the Ti2Ni phase, eliminating both the quasicrystal and the MgZn2 Laves phase, at partial pressures as low as a few hundred ppm.