Magnetic shape memory Heusler alloys are multiferroics stabilized by the correlations between electronic, magnetic and structural order. To study these correlations we use time resolved x-ray diffraction and magneto-optical Kerr effect experiments to measure the laser induced dynamics in a Heusler alloy Ni2MnGa film and reveal a set of timescales intrinsic to the system. We observe a coherent phonon which we identify as the amplitudon of the modulated structure and an ultrafast phase transition leading to a quenching of the incommensurate modulation within 300 fs with a recovery time of a few ps. The thermally driven martensitic transition to the high temperature cubic phase proceeds via nucleation within a few ps and domain growth limited by the speed of sound. The demagnetization time is 320 fs, which is comparable to the quenching of the structural modulation.Multiferroic materials which exhibit large responses to electromagnetic and stress fields are of great interest for novel technical applications. To guide their rational design the microscopic origin of their functional properties must be understood which requires methods that can disentangle the interplay between electronic, magnetic and structural degrees of freedom. A prototypical example is the optimization of ferromagnetic X 2 YZ Heusler alloys, where one class shows novel functional properties such as magnetic shape memory and magnetocaloric effects due to the coexistence of ferromagnetism and a structural martensitic (MT) transition [1], and another class is half-metallic and suitable for spintronic applications [2]. Ni 2 MnGa is the classical Heusler magnetic shape memory alloy with a magnetically induced strain of up to 10% arising from the interplay between magnetic and structural domains in the twinned low temperature MT phase [1,[3][4][5]. The structure of the MT phase changes with alloy composition [6], but the modulated phases (commonly labelled 5M and 7M) [7, 8] displaying magnetic shape memory only exist if the MT transition temperature T MT is lower than the Curie temperature T C [6, 9]. In these structures the minimum in free energy is shifted such that the lattice constant ratio is c/a < 1 in the splitting (tetragonal or orthorhombic) of the high temperature cubic austenite (AUS) phase, compared to the usual global minimum found at c/a > 1 in the non-modulated tetragonal phase. Theoretical studies suggest that the modulation of the structure stabilizes this new minimum [10][11][12]. In Ni 2 MnGa compounds, we then have a situation where the interplay between an incommensurate structural modulation, a splitting of the electronic states due to the tetragonal or orthorhombic distortion of the cubic lattice and the ferromagnetic order combine to stabilize a phase displaying a large magnetic shape memory effect.In this letter we study this interplay by employing ultrafast time resolved x-ray and optical methods to separate the three types of order in time and to investigate the possible coupling between ferromagnetism and the modulated str...