The link microstructure of P/M FGH4096 alloy was investigated by SEM, EDAX and TEM. The tensile properties and grain refining effect of the microstructure was also discussed. The results show that the link microstructure could be obtained by the standard heat treatment or the direct-aging heat treatment for the alloy after hot-die forging, where the equiaxed fine grains (about 4 μm) distributed homogeneously in the non-equiaxed coarse grains (about 10 μm). The obtained microstructure has better mechanical properties. After the multiple forging and the standard heat treatment, the non-equiaxed coarse grains have been refined completely from ASTM5-6 to above ASTM12. It reveals that the link microstructure can provide fine grain reservation for the fine microstructure.