Ni–Mn–In magnetic shape-memory alloys are attractive materials due to their important functional properties relating to the martensitic transition. Understanding the complex martensitic magnetism and the transition process is of crucial importance not only from a fundamental but also from a technological point of view. Here, we demonstrate the dynamic magnetic domains and microstructures during the martensitic transition in the bulk and melt-spun ribbons of Ni₅₀Mn₃₅In₁₅via in situ Lorentz transmission electron microscopy. The significant evolutionary differences in correlation with the temperature dependence of magnetization are identified between the bulk and ribbons. For a bulk alloy with L2₁ crystal structure at room temperature, the complete martensite with 7 M modulation in the paramagnetic state and the successive stripe magnetic domains in ferromagnetic martensite develop with a further decrease in the temperature. The stripe domains evolve into biskyrmion-like spin configurations when a perpendicular magnetic field is applied. In contrast, the partial austenitic phase always coexists with the martensitic phase in the ribbons even far below the martensitic transition temperatures and the martensitic phase presents a dominant twinning stack morphology with 5 M modulation and various magnetic domains. During the subsequent reheating-cooling cycles, the thermal hysteresis behavior and the transition reversibility in the bulk and ribbons are represented via the microstructural evolution.