Thermal- and stress-induced martensitic transformation was investigated on TiNi shape memory alloys subjected to severe plastic deformation (SPD) by cold rolling. TEM observation revelaed the sample is a mixture of nanocrystalline and amorphous after 40% cold rolling. DSC analysis suggested that the martensitic transformation was suppressed when the thickness reduction was over 25% reduction. Aging at lower temperatures (573 ~ 673 K, 3.6 ks) restores the phase transformations, but to a limited extent. The stress-strain curves of nanocrystalline/amorphous TiNi are characterized by absence of stress-plateau and small hysteresis.