Shape memory alloys (SMAs) are the materials which remember their original shape once after the deformation has occurred. In recent days, researchers started working on Fe-based shape memory alloys as NiTi shape memory alloys has few drawbacks. Febased shape memory alloys show better advantages over NiTi SMAs. FeMnAlNi SMA has advantage of wide range of operating temperature and low stress dependence. This review article provides information on work carried out on FeMnAlNi SMA which will help the researchers to carry further research work on the alloy for various applications.