Femtosecond mode-locked laser frequency combs have served as the cornerstone in precision spectroscopy, all-optical atomic clocks, and measurements of ultrafast dynamics. Recently frequency microcombs based on nonlinear microresonators have been examined, exhibiting remarkable precision approaching that of laser frequency combs, on a solid-state chip-scale platform and from a fundamentally different physical origin. Despite recent successes, to date, the real-time dynamical origins and high-power stabilities of such frequency microcombs have not been fully addressed. Here, we unravel the transitional dynamics of frequency microcombs from chaotic background routes to femtosecond mode-locking in real time, enabled by our ultrafast temporal magnifier metrology and improved stability of dispersion-managed dissipative solitons. Through our dispersion-managed oscillator, we further report a stability zone that is more than an order-of-magnitude larger than its prior static homogeneous counterparts, providing a novel platform for understanding ultrafast dissipative dynamics and offering a new path towards high-power frequency microcombs.