Co-Ni alloys exhibit gamma(fcc)->epsilon(hcp) martensitic transformation and show reversible induced strain under applied magnetic field, which means they are potential magneto-shape-memory materials. Polystalline of Co-Ni alloys with varied Ni content were prepared. The gamma(fcc)->epsilon(hcp) martensitic transformation and shape memory effect (SME) of Co-Ni alloy were studied. The influences of Ni content and deformation temperature on SME were discussed. The shape recovery rate and recoverable strain decrease with the increase of Ni content.