Comprehensive characterizations of the superelastic and elastocaloric effects of NiTi and NiTi-based shape memory alloys (SMA) in the operation temperature region are highly desirable for using them in elastocaloric coolers with a large temperature lift. In this article, we report the superelastic and elastocaloric effects of a commercially available superelastic polycrystalline NiTi SMA tube with an outer diameter of 5 mm and a wall thickness of 1 mm between 293 and 330 K. The NiTi tube sample was subjected to a training of 250 cycles to stabilize its superelastic and elastocaloric effects. We observed that temperature dependencies existed for both superelastic and elastocaloric effects of the NiTi tube, and stress–strain curves differed much between isothermal and adiabatic loading conditions. The largest temperature rise and temperature drop measured at 293 K under an applied strain of 3.66% and a strain rate of 0.1 s−1 during loading and unloading were 21 and 11 K, respectively. The loading conditions (loading function and holding time) also impacted the superelastic effect of the NiTi tube. We identified two major reasons for the irreversibility of the adiabatic temperature change: the hysteresis heat dissipation and the temporary residual strain after unloading, and they affected the cooling performance of the elastocaloric cooler in different ways. We investigated the dependencies of the superelastic and elastocaloric effects on the maximum applied strain and the temperature distribution on the NiTi tube during loading and unloading. The results are beneficial to the modeling of elastocaloric coolers with large temperature lifts.