The microstructure and phase transformation behavior of Ni-Mn-Fe high-temperature shape memory alloys including Ni40+xFe10Mn50-x (x = 0, 10) were investigated. The results show that both two alloys exhibit single fcc γ phase annealed at 900°C for 1 day. When these quenched alloys are again annealed at 500°C for 20 days, they almost exhibit main tetragonal θ martensite. The microstructural evolutions are consistent with the results of phase transformation measurements. It is clearly found that there is an irreversible phase transformation around 480°C ~ 570°C, which is associated with the formation of tetragonal θ martensite from γ phase. Afterwards, the reversible martensitic transformation occurs during heating and cooling with very high transformation temperature.