In this paper, the strain rate dependence of hardening behavior of polycrystalline pseudoelastic (PE) and shape memory effect (SME) TiNi alloy under impact loading was investigated by experiments. Measurements of stress–strain curves, hardening modulus, hysteresis loop area, and temperature variation are synchronized using in situ infrared detector system at the strain rate range from 300/s to 2000/s. It is shown that with the strain rate increasing, for PE specimens, strain rate hardening is observed, while SME specimens perform a strong nonlinear strain hardening. The results of synchronous temperature measurement show that in stress-temperature space, for PE samples, the dynamic transformation path is strain rate independent, but for the SME samples, the opposite is true. Thermal-mechanical coupling does not seem to explain this difference, and hardening from microstructure variation should be considered for such difference.