Among all the promising high-temperature shape memory alloys (HTSMAs), the Ni-Mn-Ga and the Ni-Ti-Hf/Zr systems exhibit interesting shape memory and superelastic properties that may place them in a good position for potential applications. The present work shows that thermal treatments play a crucial role in controlling the martensitic phase transformation characteristics of both systems, but in different ways. On one hand, the equilibrium phase diagram of the Ni-Mn-Ga family allows selecting compositions with high transformation temperatures and outstanding thermal stability at relatively high temperatures in air, showing no significant changes in the transformation behavior for continuous aging up to *5 years at 500°C. Moreover, the excellent thermal stability correlates with a good thermal cyclic stability and an exceptional oxidation resistance of the parent phase. On the other hand, precipitation processes controlled by thermal treatments are needed to manipulate the transformation temperatures, mechanical properties, and thermal stability of Ni-rich Ni-Ti-Hf/Zr alloys to become HTSMAs. These changes in the functional properties are a consequence of the competition between the mechanical and compositional effects of the precipitates on the martensitic transformation.