The Ti-18Zr-15Nb shape memory alloys are a new material for medical implants. The regularities of phase transformations during heating of this alloy in the coarse-grained quenched state and the nanostructured state after high-pressure torsion have been studied. The specimens in quenched state (Q) and HPT state were annealed at 300–550 °C for 0.5, 3, and 12 h. The α-phase formation in Ti-18Zr-15Nb alloy occurs by C-shaped kinetics with a pronounced peak near 400–450 °C for Q state and near 350–450 °C for HPT state, and stops or slows down at higher and lower annealing temperatures. The formation of a nanostructured state in the Ti-18Zr-15Nb alloy as a result of HPT suppresses the β→ω phase transformation during low-temperature annealing (300–350 °C), but activates the β→α phase transformation. In the Q-state the α-phase during annealing at 450–500 °C is formed in the form of plates with a length of tens of microns. The α-phase formed during annealing of nanostructured specimens has the appearance of nanosized particle-grains of predominantly equiaxed shape, distributed between the nanograins of β-phase. The changes in microhardness during annealing of Q-specimens correlate with changes in phase composition during aging.