Micro-expressions are spontaneous, rapid and subtle facial movements that can neither be forged nor suppressed. They are very important nonverbal communication clues, but are transient and of low intensity thus difficult to recognize. Recently deep learning based methods have been developed for micro-expression recognition using feature extraction and fusion techniques, however, targeted feature learning and efficient feature fusion still lack further study according to micro-expression characteristics. To address these issues, we propose a novel framework Feature Representation Learning with adaptive Displacement Generation and Transformer fusion (FRL-DGT), in which a convolutional Displacement Generation Module (DGM) with self-supervised learning is used to extract dynamic feature targeted to the subsequent ME recognition task, and a well-designed Transformer fusion mechanism composed of the Transformer-based local fusion module, global fusion module, and full-face fusion module is applied to extract the multi-level informative feature from the output of the DGM for the final micro-expression prediction. Extensive experiments with solid leave-one-subject-out (LOSO) evaluation results have strongly demonstrated the superiority of our proposed FRL-DGT to state-of-the-art methods.