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Non-destructive characterization methods to observe phase transformations and thus, gain insights to transformation mechanisms in representative volumes are key for the development of advanced materials and manufacturing. Conventional methods are constrained to the surface and small sizes, thus, access to the bulk often implies tedious destructive approaches and hinders in-situ observations of phase evolution. In this work, we introduce a non-destructive technique that overcomes key limitations prevailing today for mapping the spatial distribution of magnetic phases in bulk materials. The use of polarized neutrons, being sensitive to sub-percent fractions of ferromagnetic phases and able to penetrate centimeter sized samples, enables micrometer-scale spatial and second-scale time resolutions. We demonstrate ex-situ and in-situ quantitative mapping of magnetic phases, in particular the evolution of martensite induced by uniaxial- and biaxial deformation in metastable 304 steel. The quantitative results obtained during in-situ deformation testing prove polarization contrast neutron imaging to be particularly effective in detecting small fractions of martensite. Especially during early stages of deformation where neutron diffraction, which in contrast does not provide full field spatial resolution, fails. The short exposure times and high sensitivity renders the method well suited for rapid 3D tomographic mapping and/or operando investigations of phase distributions. (c) 2022 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).