The influences of aging method on the shape memory effect and low temperature relaxation of the FeMnSiCrNi based alloy were studied. The results show that the separated carbide on the condition of aging after deforming has the features of smaller size, more amount and homogeneous distribution compared to that on the condition of undeformed aging, it is benefit to improve the matrix strength and to suppress the occurrence of nonreversible plastic deformation, thus the shape memory effect and recovery stress of the alloy are improved remarkably. The recovery strain and the recovery stress of the alloy with 10% deformation increase by 38% -139% and 12%-22%, respectively, compared to that with no deformation. The low temperature relaxations of different aging methods are not too obvious, it is about 16% at 213 K. Nevertheless, the improvement of recovery stress after deforming aging will increase the low temperature relaxation, but not remarkably, it is only about 0%-3.0% .