In the present work, the stability of two-way shape memory effect (TWSME) of NiAl-Fe alloy, aged at 400degreesC for 1 hour, has been investigated. It was found that the two-way shape recovery for the aged NiAl-Fe specimens was 110%, higher than that of specimens without aging, and kept unchanged up to 1x10(3)cycles. The fatigue life of the aged NiAl-Fe specimens showing TWSME was more than 1X10(3) cycles. The mechanisms for the effects of aging precipitates on the TWSME have been discussed.