A Ni-rich TiNi alloy was processed by Equal Channel Angular Extrusion (ECAE) at 500℃. After four passes ECAE treatment, microstructure of the alloy was refined but slightly inhomogeneous, to sub-micron scale, approximately 0.5～0.6 μm. Comparing with the solution-treated TiNi specimen, the martensitic transformations start (M_s) and peak temperatures (M_p) of TiNi specimens processed by ECAE were dramatically lowered. After ECAE treatment, the R-phase transformation was stimulated and separated from martensitic transformation, but occurred within a larger temperature range. Super-elasticity characteristics of TiNi alloy were tested by tensile loading and unloading cycles. The results revealed that at a tensile strain of 6% or smaller, TiNi alloy processed by four passes ECAE showed better super-elasticity, with less residual strain retained, than solution-treated sample. After tensile strain exceeded 6%, up to 8%, the maximum recoverable strain of TiNi alloy ECAE treated was decreased. Microstructure evolution and its effect on phase transformations and super-elasticity characteristics were discussed.