The mechanical and magnetic properties of Ni–Mn–Sb intermetallic compounds are closely related to the martensitic transformation and martensite variant organization. However, studies of these issues are very limited. Thus, a thorough crystallographic investigation of the martensitic transformation orientation relationship (OR), the transformation deformation and their impact on the variant organization of an Ni50Mn38Sb12 alloy using scanning electron microscopy/electron backscatter diffraction (SEM/EBSD) was conducted in this work. It is shown that the martensite variants are hierarchically organized into plates, each possessing four distinct twin-related variants, and the plates into plate colonies, each containing four distinct plates delimited by compatible and incompatible plate interfaces. Such a characteristic organization is produced by the martensitic transformation. It is revealed that the transformation obeys the Pitsch relation ({0[{\overline 1}{\overline 1}]}A // {2[{\overline 2}{\overline 1}]}M and 〈0[{\overline 1}]1〉A // 〈[{\overline 1}{\overline 2}]2〉M; the subscripts A and M refer to austenite and martensite, respectively). The type I twinning plane K1 of the intra-plate variants and the compatible plate interface plane correspond to the respective orientation relationship planes {0[{\overline 1}{\overline 1}]}A and {0[{\overline 1}{\overline 1}]}A of austenite. The three {0[{\overline 1}{\overline 1}]}A planes possessed by each pair of compatible plates, one corresponding to the compatible plate interface and the other two to the variants in the two plates, are interrelated by 60° and belong to a single 〈11[{\overline 1}]〉A axis zone. The {0[{\overline 1}{\overline 1}]}A planes representing the two pairs of compatible plates in each plate colony belong to two 〈11[{\overline 1}]〉A axis zones having one {0[{\overline 1}{\overline 1}]}A plane in common. This common plane defines the compatible plate interfaces of the two pairs of plates. The transformation strains to form the variants in the compatible plates are compatible and demonstrate an edge-to-edge character. Thus, such plates should nucleate and grow simultaneously. On the other hand, the strains to form the variants in the incompatible plates are incompatible, so they nucleate and grow separately until they meet during the transformation. The results of the present work provide comprehensive information on the martensitic transformation of Ni–Mn–Sb intermetallic compounds and its impact on martensite variant organization.