Abstract Ni 51 Ti 49 alloy strip with all-round shape memory effect (ARSME) was obtained through rapid solidification followed by constraint-aging treatment. The high cooling rate and large temperature gradient along the thickness direction of Ni 51 Ti 49 alloy strip yield fine columnar grains and strong fiber texture of B2 during rapid solidification. Such fine-grained and strongly textured microstructure increases the nucleation, limits the orientation and restricts the growth of Ni 4 Ti 3 precipitates during constraint-aging treatment. The fine and well-aligned Ni 4 Ti 3 precipitates with dispersive distribution introduce strong coherent stress field and numerous interfaces between the matrix and precipitates in the rapidly solidified and constraint-aged Ni 51 Ti 49 alloy. Homogeneous composition and massive interfaces in the B2 matrix promote the simultaneity of local phase transformations. The strong coherent stress field and the excellent deformability of B2 -oriented grains contribute to large deformation and high recovery ratio of the alloy during phase transformation. Thus, the strongly textured microstructure formed during rapid solidification allows the constraint-aged NiTi alloy to possess superior ARSME with narrow phase transformation temperature range.