CuAlNi shape memory alloy with Cu-13.5Al-4.5Ni(wt%) composition was prepared by cross-rolling method and the aging effect, phase transformation characteristics, microstructural variation were investigated. Transformation temperature was greatly increased in aged specimens at 250°C. Transformation temperature was not changed after the second reversed transformation, and Ms point was same in most specimens with third reversed transformation cycle. The variation of Ms point was not seen with aging at 100°C, but it was decreased with aging at 250°C. Transformation temperatures appear to be constant, to an measurable extent, in specimens prepared by both hotrolling and cross-rolling at 900°C. Plate shaped-specimen with the thickness of about 1mm was prepared by cross-rolling treatment at 350°C. The transformation temperatures did not change after the second transformation-reverse transformation cycling, and specially transformation start temperature was the same in most specimens experiencing third thermal cycle and thereafter. Undesirable tweed-like structure was observed in 250°C-aged specimen after a cross-rolling at 350°C. On aging the specimen prepared by cross-rolling, G.P zone was formed easier than that of γ2 phase. This phase was transformed to plate-like θ phase during aging.