It is known that pure Co undergoes martensitic transformation from γ phase (fcc) to ε phase (hcp) by the movement of a/6 Shockley partial dislocations at around 400 ℃, however, there have been few systematic works on the SM effect in Co and Co-based alloys. In this study, the fcc/hcp martensitic transformation and the SM effect were investigated in Co-Al binary alloys(mole fraction of Al=0～16%).The γ/ε martensitic transformation temperatures were found from the DSC measurements to decrease with increasing Al content, while the transformation temperature hystereses were observed to increase from 60 ℃ at x(Al)=0 to 150 ℃at x(Al)= 16%. The SM effect evaluated by a conventional bending test was enhanced by the addition of Al over 4%(mole fraction) and Co-Al alloys containing over 10%(mole fraction) exhibit a good SM effect associated with the hcp →fcc reverse transformation above 200 ℃. The SM effect was significantly improved by precipitation ofβ (B2) phase and the maximal shape recovery strain of 2. 2% was obtained, which can be explained by precipitation hardening. The crystallographic orientations between theβ, ε and γ phases were also determined. Finally, the magnetic properties were investigated and it was found that the Curie temperature and saturation magnetization of Co-14% Al(mole fraction) are 690 ℃and 120 emu/g, respectively. It is concluded that the Co-Al alloys hold promise as new high-temperature and ferromagnetic SM alloys.