Martensitic transformations in NiTi shape memory alloys (SMAs) strongly depend on the microstructure. In the present work, we investigate how martensitic transformations are affected by various types of ultra-fine grained (UFG) microstructures resulting from various processing routes. NiTi SMAs with UFG microstructures were obtained by equal channel angular pressing, high pressure torsion, wire drawing and subsequent annealing treatments. The resulting material states were characterized by transmission electron microscopy and differential scanning calorimetry (DSC). The three thermomechanical processing routes yield microstructures which significantly differ in terms of grain size and related DSC chart features. While the initial coarse grained material shows a well defined one-step martensitic transformation on cooling, two-step transformations were found for all UFG material states. The functional stability of the various UFG microstructures was evaluated by thermal cycling. It was found that UFG NiTi alloys show a significantly higher stability. In the present work, we also provide preliminary results on the effect of grain size on the undercooling required to transform the material into B19’ and on the related heat of transformation.