In this study, Vickers indentation was used to investigate the two-way shape-memory effect (TWSME) in an austenitic Ti-50.9 at.% Ni alloy, exposed to different heat treatments. Three aging treatments were used to manipulate the size of Ti
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Ni
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precipitates. All samples were Vickers indented, and the indent depth was investigated as function of thermal cycling. The TWSME was found only in the material aged at 400 °C, which contained coherent precipitates. Thermal cycling shows stable TWSME, however, heating well above the austenite finish temperature lead to permanent austenitic protrusions. The results indicate that stabilized martensite plays a critical role in creating TWSME surfaces.