The influence of phase transformation cycle times on the plasticity and microstructure of FeMnSiCrNi alloy was researched in this paper. The results show that phase transformation cycling can significantly improve the plasticity of the alloy. Plasticity is improved with the increase of cycles. The elongation gets to 87.6% after 5 cycles, it increases 150% compared with non-treated. The more cycle times, the grain is smaller. During the inverse transformation the second phase directional precipitation significantly harden austenite and improve the reversibility of stress-induced martensite. Due to interaction of the second phase strengthening and grain refinement, the plasticity and strength of alloy are both increased significantly. This method provides a new way for the realization of transformation superplasticity.