Fe-Mn-Si-based shape memory alloys (SMAs) have been extensively investigated since 1982 for various useful properties that enhance the development of different applications such as anti-seismic dampers for very tall buildings, pipe joints, or rail fasteners. In particular, the Fe-28Mn-6Si-5Cr (mass. %) alloy has been mainly used in vibration mitigation or self-adjustable axial displacement applications. Dynamic mechanical analysis (DMA), performed by strain sweeps (SS), enables the monitoring of the evolution of storage modulus and internal friction variations with increasing strain amplitudes at different constant frequencies and temperatures. Thus, applying dynamic bending with various frequencies and amplitudes that actually represents an isothermal mechanical treatment. In the present paper, an Fe-28Mn-6 Si-5Cr (mass. %) SMA was cast by ingot metallurgy, hot-rolled, and water quenched in order to obtain thermally induced martensite and avoid the occurrence of cooling cracks. The influence of the holding time, between 2 and 10 h, at 1050 °C and the effects of DMA-SS performed at three different frequencies were analyzed by a differential scanning calorimetry, an X-ray diffraction, and a scanning electron and atomic force microscopy. The effects of the holding time and mechanical treatment on the structure and morphology of martensite plates were corroborated with the results of the thermal analysis.