In this work, an Al-Mn-Be-Cu alloy was studied containing a primary and eutectic icosahedral quasicrystalline phase in the as-cast microstructure. Special attention was given to a transmission electron microscopy (TEM) investigation of precipitates formed within the aluminium solid solution (Alss) at different temperatures. At 200°C, only binary Al-Cu precipitates (’) were formed. At 300°C, icosahedral quasicrystalline (IQC) precipitates prevailed with a crystallographic orientation relationship with the Alss. The rods of the T-phase (Al20Mn3Cu2) were precipitated above 400°C, also having a specific orientation relationship with the Alss. The primary and eutectic IQC started to transform rapidly to the T-phase and Be4Al(Mn,Cu) at 500°C.