Abstract: A cold-drawn Ti50.8 at.% Ni wire was annealed at 600 °C for 30 min, followed by aging at 250 °C for different times. A microstructure with small grains and nanoscaled precipitates was obtained. The thermally induced martensite transformation is suppressed in the samples aged for 4 h or longer, leaving a one-stage R-phase transition between −150 and +150 °C. The transformation behavior, work output and recovery stress associated with the R-phase transition are presented.