Porous Ti-50.8 at%Ni shape memory alloys (SMA) with high porosity were prepared by the powder metallurgical technique, and the microstructure and shape memory behavior of the porous alloys were investigated. The results indicate that the porous alloys prepared by this method exhibit a homogenous pore-space structure with a high open-cell ratio, and the average pore size is about 200 mm. The microstructure is mainly composed of Austenitic NiTi phase (B2) and monoclinic Martensite NiTi (B19’). The cyclic load-unload recovery curves reveal that the porous alloy can exhibit certain shape-memory effect, which decreases with the increase of the porosity