Martensite and martensitic transformations in metals and alloys have been intensively studied for more than a century and many comprehensive and informative reviews have been published. The current review differs insofar as the analysis is performed largely through the prism of detailed studies of the changes in the martensitic transformation in Fe3Pt alloy as a result of austenite ordering. This important alloy is the first ferrous alloy identified as exhibiting thermoelastic transformation and shape memory. The effect of parent phase order on the martensitic transformation offers significant insights into general understanding of the nature of martensitic transformation, particularly the factors contributing to reversible and irreversible transformation. It is concluded that for crystallograhically reversible transformation to occur both strain limiting and strain accommodating factors must be present and that these factors collectively constitute the sufficient condition for reversible martensitic transformation. Although the crystallography of individual plates formed in a given alloy can change with their temperature of formation, this intrinsic variability has not been considered in analyses using phenomenological theory. Significant variability can exist in measured quantities such as habit plane normals and orientation relationships used to test theoretical predictions. Measured lattice parameters, essential data for theoretical calculations, can also differ from the actual parameters existing at the temperature of plate formation.