The corrosion performance of Ni47Ti49Co4 shape memory alloys (SMA) in artificial urine solution was evaluated in comparison with Ni51Ti49 alloy as reference, at 37 °C and pH 5.6–6.4. SEM results revealed less pitting attack for Ni47Ti49Co4 SMA surface after immersion in artificial urine solution. The XRD analysis demonstrated the formation of passive film on Ni47Ti49Co4 SMA. The XPS analysis indicated that the film mainly consisted of O, Ti, Co, P, and a small amount of Ni, and the concentration of Ni ions release was greatly reduced compared to that of the Ni51Ti49 SMA. Linear polarization results illustrated that corrosion potential (Ecorr), corrosion current density (icorr), and ac polarization resistance (Rp) were affected greatly by alloying Co to Nitinol alloy. Our observations indicated that the corrosion resistance of the ternary alloy, Ni47Ti49Co4 SMA, offers superior corrosion resistance in artificial urine when compared to Ni51Ti49 SMA, which was suitable for medical applications.