Thermodynamic Ginzburg-Landau potential for temperature- and stress-induced phase transformations (PTs) between n phases is developed. It describes each of the PTs with a single order parameter without an explicit constraint equation, which allows one to use an analytical solution to calibrate each interface energy, width, and mobility; reproduces the desired PT criteria via instability conditions; introduces interface stresses; and allows for a controlling presence of the third phase at the interface between the two other phases. A finite-element approach is developed and utilized to solve the problem of nanostructure formation for multivariant martensitic PTs. Results are in a quantitative agreement with the experiment. The developed approach is applicable to various PTs between multiple solid and liquid phases and grain evolution and can be extended for diffusive, electric, and magnetic PTs.