Caloric materials are gaining increasing interest in the solid-state refrigeration field as an alternative to the conventional and environmentally unsustainable vapour-based cooling technologies. When an external field is adiabatically applied to caloric materials, they exhibit an increase in temperature which is reversible upon the field release. Depending on the material properties, magnetic, mechanical or electric fields could be applied. Shape memory alloys (SMAs) are caloric materials particularly suitable for solid-state cooling and heating since the applied fields induce significant entropy changes and a reversible thermal reaction. One of the most promising class of elastocaloric materials are the superelastic shape memory alloys and, in particular, promising elastocaloric performances are provided by NiMnTi and NiMnTi-based alloys. The aim of the present study is the development and characterization of NiMnTi alloys with significant elastocaloric properties in terms of cyclic structural and functional response and adiabatic ΔT generated during elastocaloric cycles. The implementation of thermomechanical processes, including plastic deformation routes and thermal treatments, is performed in order to optimize the functional and elastocaloric performance of NiMnTi. A complete analysis of the calorimetric, structural and microstructural properties of the produced alloys is performed and a functional characterization of the thermoelastic martensitic transformation (TMT) is carried out. Moreover, direct adiabatic ΔT measurements under several elastocaloric cycles are performed to assess the elastocaloric performance. These simultaneous mechanical and thermal measurements are carried out through a specific setup with thermocouples and a high-frequency acquisition system. The effect of the thermomechanical processes is the microstructural optimization of the NiMnTi SMA which leads to a good cyclic functional and structural response and promising elastocaloric performance for solid-state cooling or heating applications.