In the present study, the influence of annealing heat treatment and aging treatment after annealing process on the superelastic behavior of 40 and 60% cold worked Ni-rich NiTi shape memory alloy have been investigated. For evoluation of superelastic behavior, tensile tests were carried out at 37oC and a cross-head speed of 0.1mm/min using by loading and unloading regime up to 5.5% strain. Results showed that at the presence of the fine grains due to the recrystallization process, superelastic behavior improved; however, some strains remain in the strain-stress curves of alloy. With formation of recrystallized fine grains, due to annealing heat treatment, and Ni4Ti3 precipitates, due to aging treatment after annealing process, the best superelasticity behavior achieved. It is observed that the variation of grains size result in variation of precipitates distribution within microstructure. This, therefore, leads to variation of transformation temperatures. Consequently, it can be said that, with variation of grains sizes during annealing process and with aging treatment after that, transformation temperatures can be controlled.