Shape memory alloys (SMA) are innovatively designed for engineering applications including, but not limited to, medical devices, actuators, micromechanical systems, deployable structures, and elastocaloric devices. Prior to the manufacture of any component for the above mentioned applications, an extensive simulation study is recommended as the basic properties are required to be filled in the software. The unavailability of to-the-point literature makes this task difficult for researches. In this paper, an overview of binary NiTi based shape memory alloy is given, where its characteristic physical properties i.e. shape memory effect and super elastic effect, and mechanical properties like fatigue failure, stress-strain characteristics and yield and ultimate strength is stated for several different specimens prepared using thermomechanical methods.