In this article, the effect of aging on martensitic transformation of Ti48.8Ni50.8V0.4 alloy was investigated. The results show that the martensitic transformation of the solution-treated shape memory alloy is a typical single-stage transformation process. The transformation temperatures of the samples aged at different temperatures for 0.5 h were lower as compared to that of the solution-treated alloy. With the increase of aging temperature, the transformation temperatures increase. After aging at 500 degrees C, the samples exhibit a multiple-stage transformation. The samples after aging at 500 degrees C for more than 5 h resulted in the transformation sequence of A -> R -> M1 and A -> M2 upon cooling and M2 -> A and M1 -> A upon heating.