The microstructure, phase transformation and shape memory properties of Ti69Zr30Fe1 high-temperature shape memory alloy were investigated by optical microscopy (OM), X-ray diffraction (XRD), transmission electron microscopy (TEM), differential scanning calorimetry (DSC) and compressive tests. The results show that Ti69Zr30Fe1 alloy is composed of single needle-like a￠￠ martensite with orthorhombic structure at room temperature. During heating process, nano scale ω phases precipitate within the grains at 584 oC, and then reverse martensitic transformation from α￠￠ phase to β phase occurs at 615~633 oC. When cooling, martensitic transformation occurs from 584 to 529 oC. The critical stress of Ti69Zr30Fe1 alloy is about 550 MPa and the maximum shape memory effect (SME) is 2.1%