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Abstract: The aim of this study is to investigate the microstructure, martensitic transformation behavior, shape memory effect and superelastic property of Ti49.6Ni45.1Cu5Cr0.3 alloy, with Cu and Cr substituting for Ni. After annealing, the alloy showed single step A–M/M–A transformations within the whole annealing temperature range of 623K to 1273K even in the presence and Ti2(Ni, Cu) precipitates. With the increase of the annealing temperature, the transformation temperatures exhibited three stages: increasing from 623K to 873K, decreasing from 873K to 1023K and unchanging from 1023K to 1273K. Meanwhile, the critical stress for stress induced martensitic (SIM) transformation decreased to a minimum value and increased after that, exhibiting a V shape curve. The alloy annealed at 623, 773 and 923K exhibited shape recovery ratio more than 90% when the deformation strain was below 20%. [ABSTRACT FROM AUTHOR]