Equiatomic CuZr alloy undergoes a martensitic transformation from the B2 parent phase to martensitic phases (P21/m and Cm) below 150 °C. We clarified the effect of the thermal cycling on the morphology and crystallography of martensite in equiatomic CuZr alloy using a transmission electron microscopy. The 10th cycled specimens consisted of different multiple structures at the maximum temperature of DSC measurement: 400 °C and 500°C, respectively. At the maximum temperature 400 °C of DSC measurement, it is composed of the fine plate-like variants, and a lamellar eutectoid structure consisting of Cu10Zr7 and CuZr2 phases on the martensitic variant. Concerning the maximum temperature 500 °C of DSC measurement, it is observed the martensitic structure and the lamellar structure in which the martensitic phase was completely eutectoid transformed. The formation of this lamellar eutectoid structure due to thermal cycling leads to the shift of forward and reverse transformation peaks to low and high temperature side. In addition, new forward and reverse transformation peaks indicating a new transformation appeared by thermal cycling, and the peaks remained around -20 °C. This new martensitic transformation behavior is also discussed.