Abstract: Porous Ni50.8Ti49.2 bulk material was prepared by powder metallurgy sintering. Solid solution and aging treatments were applied to improve the phase homogeneity and phase transformation behavior. Scanning and transmission electron microscopy, aided by energy dispersive X-ray analysis, were used to study the microstructure and chemical phase content of the alloys. In-situ cooling was carried out to observe the phase transformation behavior. As-received material contains dispersed Ni2Ti4O particles while Ni4Ti3 precipitates appear after aging. Close to pore edges, the latter have a preferential orientation due to the induced stress fields in the matrix.