Most of the commercially important alloys are multicomponent, producing multiphase microstructures as a result of processing. When the coexisting phases are elastically coherent, the elastic interactions between these phases play a major role in the development of microstructures. To elucidate the key effects of elastic stress on microstructural evolution when more than two misfitting phases are present in the microstructure, we have developed a microelastic phase-field model in two dimensions to study phase separation in ternary alloy system. Numerical solutions of a set of coupled Cahn-Hilliard equations for the composition fields govern the spatiotemporal evolution of the three-phase microstructure. The model incorporates coherency strain interactions between the phases using Khachaturyan's microelasticity theory.We systematically vary the misfit strains (magnitude and sign) between the phases along with the bulk alloy composition to study their effects on the morphological development of the phases and the resulting phase separation * Corresponding author Email addresses: ms14resch01001@iith.ac.in (Sandeep Sugathan), saswata@iith.ac.in (Saswata Bhattacharya) 1 arXiv:1904.07401v1 [cond-mat.mtrl-sci] 16 Apr 2019 ( βγ = αβ − αγ ).