Shape memory alloys are important functional materials that can be used in a multitude of applications. This includes air and space craft, automotive, robotics and medicine applications. Their main drawback is the high cost of materials needed to fabricate the alloys. In order to reduce that cost, a new group of materials based on Fe has emerged and is the focused of this study. Fe-based shape memory alloys can produce large superelastic strain. The main strengthening component of these alloys is the fcc γ' phase. The size, chemical composition and crystal structure of particles can be efficiently tailored using one-stage or two-stage heat treatments. In this work, single crystals with 100> and <111> orientations were heat treated with variable annealing times (0.5h, 1h, 5h, 10h, 24h) at 973 K. For single crystals materials to examine the optimal mechanical properties, the effect of heat treatment on the precipitation hardening of the multi-component materials was investigated to obtain optimal mechanical properties.For these reasons, a polycrystalline material was investigated after the application of three passes of hydrostatic extrusion. In order to obtain optimal mechanical properties, the effect of heat treatment was also studied to understand the effect of precipitates on superelastic properties. The development of a <111>, <200> and <220> texture was confirmed and is discussed in terms of the magnitude of super elastic effect number of passes of hydrostatic extrusion, heat treatment and formation of nanotwins.