The stability of the Mg-Zn-Y icosahedral quasicrystal (IQC) has been studied by long-term annealing of a single grain IQC in quartz tubes. Decomposition of the IQC was observed after annealing at high temperatures (T≥773 K) sealed in Ar. During the decomposition process, the quasilattice parameter a
R was found to decrease, associated with a decrease in Mg content of the IQC phase as confirmed by quantitative x-ray energy dispersive spectroscopy analyses. In addition, a new cubic approximant has been found in the annealed samples. This cubic approximant has a face-centered cubic (fcc) structure with lattice parameter of a = 1.276 nm, which is about (1/τ) times smaller than that of the fcc W'-(MgZnY) with a = 2.05 nm reported previously (where τ is the golden ratio).