The study covers the effect of recrystallization annealing temperature and time on the characteristic temperatures of martensitic transformations and mechanical properties of the Ti–50.7at.%Ni shape memory alloy in the form of wire after cold drawing at room temperature. Six modes of post-deformation annealing with different temperatures and holding times were studied for the alloy to obtain structures with different sizes of recrystallized grains. The recrystallized grain size was determined by electron backscatter diffraction (EBSD). It was shown that the size of recrystallized grains increases from 2.5 to 9 μm, with both an increase in the annealing temperature (600– 700 °С) and an increase in the holding time (0.5–5.0 h). The characteristic temperatures of direct and reverse martensitic transformations were determined using differential scanning calorimetry. It was shown that the threefold growth of the recrystallized grain size reduces the starting temperature of the direct martensitic transformation, and extends the temperature range of the reverse martensitic transformation. The results of mechanical tests (stretching tests) at room temperature showed that an increase in the grain size leads to a decrease in the dislocation yield strength and an increase in the phase yield strength. It was established that the dislocation yield strength obeys the Hall–Petch law, and the phase yield strength is determined by the test temperature position relative to the starting (or peak) temperature of the direct martensitic transformation. Heat treatment modes for specific products should be recommended taking into account these two competing factors, as well as reverse martensitic transformation temperatures determining the alloy strain recovery temperatures.