Abstract: A Ti-50.8at.%Ni wire produced using a co-drawing method and a commercial Ti-50.8at.%Ni wire were annealed at different temperatures between 450°C and 700°C. Grains with diameter less than 100nm were revealed by transmission electron microscopy for both wires before annealing treatment. However, the microstructural heterogeneity of the co-drawn wire is more obvious than that of the commercial wire. Multi-stage martensitic transformation was observed in the co-drawn wire, compared with the one-stage A↔M transformation in the commercial wire after annealing at 600°C for 30min. The differences of total elongation, plateau strain and pseudoelastic recoverable strain between the commercial wire and the co-drawn wire were also observed. The differences of the transformation behavior and mechanical properties between the commercial wire and the co-drawn wire are attributed to the microstructural difference between these two wires.