Two promising powder metallurgy (PM) processes were used for the fabrication of NiTi shape memory alloys (SMA): Mechanically Activated Reactive FOrging Synthesis (MARFOS) and Mechanically Activated Reactive Extrusion Synthesis (MARES). In these two processes, equimolar powder mixtures of elemental Ni and Ti are first mechanically activated and then forged/extruded at relatively low temperature. Afterwards, heat treatments are used to promote homogenization and to adjust the composition of the NiTi matrix. When MARFOS and MARES processes are compared some differences have been observed but only in relation to the extent of phase transformation and to the degree of densification. The crystallite size was less than 100 nm for all the phases which indicates nanostructured materials and multi-step martensitic transformations could be observed in heat treated materials.