This paper discussed the fundamentals of NiTi shape memory alloy and its applications in advanced scientific fields. Currently, the world is focusing on miniaturized systems for various industrial and functional applications. The thin-film shape memory NiTi alloy plays a crucial role in MEMS/NEMS industry in fabrication of microdevices. In this article, the NiTi phase diagram along with the shape memory effect and superelasticity has also been explained. Among several types of fabrication techniques for NiTi thin films, magnetron sputtering, which yields a better homogeneous film, has been discussed. Both the operational parameters (target type, Ar pressure, applied power, target-substrate distance, substrate rotation, substrate temperature, plasma stability, deposition rate) and the material's parameters (deposition pattern, orientation of adatom, film thickness, film stress, crystal structure, grain size, intermetallic formation, oxide formation, phase transformation) have been correlated in this article. The utilization of shape memory behavior in various industrial applications has been discussed here, also the advantages and limitations of SMA have been briefly discussed.