The corrosion behavior of an Fe‐17Mn‐6Si‐10Cr‐4Ni‐1(V,C) shape memory alloy was investigated using electrochemical methods with regard to its applications as reinforcing element in pre‐stressed concrete structures. The alloy was tested in three kinds of simulated concrete pore solutions, and open circuit potential and linear polarization resistance were monitored with and without chloride addition. The results were compared with a reference material of conventional structural steel, so called S500 (EN 10149 PT2 standard). It is shown that the shape memory alloy has superior corrosion resistance than the reference material steel S500, and, therefore, can be used as pre‐stressed reinforcing element in concrete without any serious corrosion problem. Several practical issues that can influence the corrosion behavior of the alloy in its use of pre‐stressing reinforcements, such as the effects of strain and surface oxidation by heating, have been also discussed through the electrochemical tests in the simulated concrete pore solutions.