Shape memory alloys (SMAs) are known for their exotic shape memory properties. These properties are obtained through diffusionless austenite to martensite phase transformation. The phase transformation is induced through two ways: (1) stress (pseudo elasticity) and (2) temperature (one or two way shape memory effect). Among the various Cu or Ni-Ti based SMAs, a Ni-Ti-Fe combination is unique because of its phase transformation temperature (sub-zero range), large hysteresis, and high reversion stress (>450 MPa). These properties are useful in aerospace applications such as actuators, pipe couplings, vibration dampeners and variable area fan nozzle and medical instruments such as Simon filter and spinal vertebra spacer. In this paper, the complete process flow chart of the Ni-Ti-Fe alloy is outlined in detail. The phase transformation, one and two way shape memory effects, and pseudo elasticity behaviour of this alloy are explained based on the DSC curves and crystallographic orientations. Properties such as corrosion, tensile, fatigue strength and wear resistance of the Ni-Ti-Fe alloy are critically reviewed. © 2017 Elsevier Ltd. All rights reserved.