Shape memory alloys (SMAs) are a type of smart material and have excellent engineering and medical applications. TiNi binary alloys possess remarkable shape recovery, mechanical properties, corrosion resistance, and excellent biocompatibility. By ternary elements addition just like Au, Pt, Pd, Hf, and Zr, increases transformation temperatures, leading to high-temperature shape memory alloys (more than 100°C) but other elements (Fe, Cu, Co, and Mo) form low-temperature shape memory alloys, (lower than 100°C). In the present work, it is reported that the effect of ternary element addition on microstructural properties, shape memory properties, mechanical properties, corrosion resistance, and biocompatibility of ternary shape memory alloys. Ag, Au, and Cu-based TiNi ternary alloys have excellent biocompatibility. The addition of ternary elements such as Ag and Nb increases corrosion resistance, Fe rises the hysteresis loop, Hf enhances thermal stability, and Mo raises workability.