In this research, the effects of aging temperature on the phase transformation, mechanical properties, and superelasticity of Ti-51.5 at.% Ni alloy were investigated. For this purpose, samples were solution annealed and then aged at different temperatures ranging from 300 to 700ºC. The results showed that the change of aging temperature has a great influence on the behavior of the alloy. Aging at 300 and 400ºC led to the occurrence of the austenite to R phase (A↔R) transformation. By aging at these temperatures, the ultimate tensile strength and elongation did not change significantly compared to the solution annealed sample. Aging at 500 and 600ºC lead to the appearance of B19´ phase during cooling cycle of differential scanning calorimetry tests. Samples aged at 500ºC and 600ºC showed the best mechanical properties, in comparison to the other aging temperatures. Maximum tensile strength of 1250 MPa and the elongation of 25% were obtained by aging at 500 and 600ºC, respectively. Solution annealed sample showed no superelastic property. Complete superelasticity was observed by aging at 400 and 500ºC.The sample aged at 700ºC showed the transformation behavior and mechanical properties similar to the solution annealed sample.