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This study is aimed to investigate the properties of Ni-rich Ni-Ti shape memory alloy sheet parts during and after deep drawing process at room temperature, in which the metal is under plane tension-compression stress state. After annealing at different elevated temperature, shape memory alloy sheet is formed at room temperature by a circular cylindrical punch in different forming depths. Thereafter the deep drawn sheet part is subjected to aging for shape memory treatment. A free shape recovery test is further conducted onto the deep drawn shape memory alloy sheet part. As a result, the sheet metal has austenitic phase at room temperature, which shows superelasticity. Too small forming amount causes severe springback and the form of the deep drawn sheet part is very hard to detect with the naked eye. Only if a forming amount greater than or equal to 4 mm is applied, a form can be achieved on to the sheet part. The subsequent aging shape memory treatment can induce further springback of the deep drawn sheet part. The higher the temperature of the previous annealing, the less the springback by aging. The free shape recovery test shows that the deep drawn sheet part only undergoing annealing without shape memory treatment still possesses shape memory effect. Nevertheless, the deep drawn sheet part aged for shape memory can show a better shape recovery.