We have developed a microelastical phase-field model to incorporate elastic energy and misfit stresses in eutectic growth. We apply the model to assess the formation of eutectic structures in Ti-Fe alloy, which exhibit high lattice mismatch owing to difference between lattice parameters of and FeTi phases. Numerical simulations of both directional and free eutectic growth are performed by applying cubic anisotropy to the Ti-Fe system. The resulted microstructures are presented and the corresponding stress distributions are evaluated.