A non-stoichiometric polycrystalline Ni50Mn27Ga23 magnetic shape memory alloy was prepared by melt-spinning technology. The effects of melt-spinning on the martensitic transformation and magnetic-field-induced strain (MFIS) of the melt-spun ribbon were investigated. The experimental results show that the melt-spun ribbon undergoes the thermal-elastic martensitic transformation and exhibits the thermo-elastic shape memory effect. But the martensitic transformation temperature decreases and Curie temperature remains unchanged. A particular internal stress induced by melt-spinning made a texture structure in the melt-spun ribbon, which made the melt-spun ribbon obtain larger transition-induced strain and MFIS. The internal stress was released under cycling of magnetic field. This resulted in a decrease of MFIS of the melt-spun ribbon.