The Ni53Mn23.5Ga18.5Ti5 ferromagnetic shape memory alloy has been aged under 2% constant-strain at various temperatures for 3 h, and the microstructure and martensitic transformation behaviors have been investigated by scanning electron microscopy (SEM), transmission electron microscopy (TEM), and differential scanning calorimetry (DSC). It was found that after constant-strain aging, the amount of the Ni-rich precipitates with lenticular morphology is higher and the size of the second-phase particle is smaller when compared to that of the conventional aged samples. The martensitic transformation temperatures first decrease remarkably with the increase of aging temperature, and then increase when the aging temperature exceeds 973 K, which can be attributed to the change of the Ni-content in the matrix as well as the strengthening effect by fine Ni3Ti precipitates.