Stress affects the microstructure of the material to influence the durability and service life of the components. However, the previous work of stress measurement lacks quantification of the different variations in time and spatial features of micromagnetic properties affected by stress in elastic and plastic ranges, as well as the evolution of microstructure. In this paper, microstructure evolution under stress in elastic and plastic ranges is evaluated by magnetic Barkhausen noise (MBN) transient analysis. Based on a J-A model, the duration and the intensity are the eigenvalues for MBN transient analysis to quantify transient size and number of Barkhausen events under stress. With the observation of domain wall (DW) distribution and microstructure, the correlation between material microstructure and MBN transient eigenvalues is investigated to verify the ability of material status evaluation on the microscopic scale of the method. The results show that the duration and the intensity have different change trends in elastic and plastic ranges. The eigenvalue fusion of the duration and intensity distinguishes the change in microstructure under the stress in elastic and plastic deformation. The appearance of grain boundary (GB) migration and dislocation under the stress in the plastic range makes the duration and the intensity higher on the GB than those inside the grain. Besides, the reproducibility of the proposed method is investigated by evaluating microstructure evolution for silicon steel sheet and Q235 steel sheet. The proposed method investigates the correlation between the microstructure and transient micromagnetic properties, which has the potential for stress evaluation in elastic and plastic ranges for industrial materials.