Abstract—The studying the effect of multiaxial isothermal forging on the microstructure and martensitic transformation in the Ni58Mn18Ga24 alloy is presented. Forging was carried out in two stages: stage 1 − forging at 700°C (4 passes, true degree of deformation e ≈ 1.64), stage 2 − forging at 500°C (1 pass, e ≈ 0.24). Forging led to the transformation of the original equiaxed grain structure. As a result of the 1st stage of processing, no new grains are formed. The new recrystallized grains are observed only after the 2nd stage of deformation, the proportion of which is very small. Apparently, the mechanism of fragmentation of the grain structure at the first stage is not triggered due to insufficient defect density at a deformation of 700°C. The characteristic temperatures of martensitic transformation are shifted to the low temperature region. The anharmonic change in the sample length is observed in the region of martensitic transformation for the both treated states. In general, this indicates a low level of defect density and internal stresses in the sample.