My first interview was on campus, they asked about algorithms (mostly time complexity analysis). Two weeks later I got the second round of interviews.
Before the second round I was asked to select my top interest areas from a list of their summer intern projects. The second round started with a Q&A panel with MS employees. After that, they made a test for teamwork based on designing a logo for the IT department. After that I got 4 1 on 1 interviews with one of the managers and the Director of each of the 2 teams I was interested about.