The crystal forms I and II of rivaroxaban were characterized by powder X-ray diffraction (PXRD), differential scanning calorimetry (DSC) and Fourier transform infrared (FTIR) spectroscopy. Powder dissolution testing was carried out at 310.15 K in the dissolution media at pH = 1.0 and pH = 6.8, respectively. The solution-mediated phase transformation from form II to form I was investigated under different temperature, slurry density and stirring speed, respectively, by use of the FTIR spectroscopy. The results showed that, the two forms were monotropically-related, and in the both dissolution media the concentration of form II was obviously higher than that of form I at the same time which demonstrated that form II was the metastable form. Among the evaluated solid-state kinetic models the Prout-Tompkins and Avrami-Erofeev (n = 3) equations gave a satisfactory correlation of the phase transformation process from form II to form I. The activation energy of phase transformation was calculated as 19.151 kJ·mol −1 by means of Arrhenius analysis. In addition, the phase transformation rate increased with increasing temperature, slurry density and stirring speed.