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Transformation behavior of rapidly solidified Ti-47.3Ni (at%) alloy ribbons and thermal stability of the R phase in the ribbons were investigated by means of differential scanning calorimetry (DSC), X-ray diffraction, and transmission electron microscopy. Rapidly solidified Ti-47.3Ni alloy ribbons showed the two-stage B2-R-B19' martensitic transformation behavior. The B2-R transformation in the ribbons was observed even after annealing at 1,223 K, which was attributed to the fact that a specific orientation relationship between Ti 2 Ni and matrix in the ribbons is maintained after annealing at 1,223 K. The DSC peak temperature of the B2-R transformation (T R *) decreased with raising annealing temperature, which was attributed to the increased volume fraction of Ti 2 Ni, thus causing an increased Ni content in the matrix.