The effects of severe plastic deformation and heat treatment on the transformation behavior of explosively welded duplex TiNi-TiNi shape memory alloys (SMAs) were investigated by differential scanning calorimeter (DSC) measurements. The explosively welded duplex TiNi-TiNi plate of 0.7 mm thickness was cold-rolled at room temperature to a 60% reduction in thickness and then annealed at different temperatures for different durations. The results showed that low temperature (623-723K) heat-treatment led to the crystallization of the amorphous region, and re-crystallization occurred in the specimens annealed at higher temperatures (over 873 K). Research indicated that the change of martensitic transformation temperature is due to the change of intal stresses with increasing heat treatment temperature. The change of annealing time also led to a change in martensitic transformation temperature, which was associated with the precipitation and decomposition of Ti3Ni4 in TiNi-1.