The effect of Ni and Hf content on the microstructure, phase transformation, and hot workability of Ti-Ni-Hf high-temperature shape memory alloys (SMAs) were investigated. Twelve different Ti-xNi (x=49, 50.2, 50.5, 50.8 at%)-yHf (y=10, 12, 14 at%) SMA ingots were prepared by vacuum arc re-melting, and then analyzed by SEM, DSC, TEM, and XRD after heat treatment. Precipitation behavior was mostly dependent on Ni content rather than Hf content. The effect of homogenization treatment on the particle precipitation and phase transformation behavior was studied. We also found that hot workability was greatly dependent on the solidification structure of the austenite phase. (Received March 2, 2014)