To develop new shape memory and super-elastic alloys for medical applications, titanium alloys using non-toxic metallic elements, such as Ta and Nb, are being actively investigated. In this study, aimed at developing new shape memory Ti alloys, we investigate the effect of oxygen, a powerful alpha stabilizing interstitial element, on the heat treatment behavior of Ti-50mass%Ta-5mass%Zr through electrical resistivity and Vickers hardness measurements and shape-recovery tests. Ti-50Ta-5Zr-0.14Ox and 0.33Ox alloys, and the β and α” bi-phase was confirmed by XRD. Only the β phase was identified in the Ti-50Ta-5Zr-0.62Ox alloy. Upon isochronal heat treatment, the resistivity at LN and resistivity ratio of Zr-0.33 and 0.62Ox alloys decreased up to around 523 K. In the 5Zr-0.62Ox alloy, orthorhombic martensite and the α” and β phases were identified in the specimens heat-treated at 473 and 523 K. The decreases in resistivity at liquid nitrogen temperature and resistivity ratio are due to the formation of α” during isochronal heat treatment. The formation of α” was confirmed by X-ray diffraction in the 5Zr-0.62Ox alloy. The shape memory effect was observed in 5Zr-0.14 and 0.33Ox alloys and the shape recovery ratio of both alloys was about 40% at 673 K.