The effect of heating/cooling rates on the material properties of NiTi wires was investigated experimentally. The specific heat capacity during phase transformation was found to be significantly sensitive to the heating/cooling rate. Contrary to the traditional perception, the phase transformation temperatures under stress were found to be dependent on the heating/cooling rate, and they were lower during heating at a lower rate but higher during cooling at a lower rate. The recovery stress generated during heating was also found to be significantly influenced by the heating rate. This study provides new insights into the material properties for efficient structural applications.