In this study, the ausformed martensite cooled to $-196^{circ}C$ with various deformation degrees in Fe-30%Ni-0.24%C alloy was transformed to reversed austenite at $500^{circ}C$ by cyclic reverse martensitic transformation. The effects of prior deformation and the number of cyclic reverse transformation on the microstructure and the mechanical properities of reversed anstensite were investigated. Experimental results showed that the strength of reversed austenite was higher than that of original austenite. This is due to higher dislocation density and grain refining. The reversed austenite formed from ausformed martensite was highly strengthened by prior deformation. This strengthening effect of reversed austenite is attributed to higher dislocation density than grain fefining. The yield strength of reversed austenite below 30% prior deformation, but above 30% prior deformation the strength of reversed austenite is lower than that of deformed austenite. This is due to partly disappearance of strain hardening effect at higher deformation degree by reverse transformation. The strength of reversed austenite is increased with the number of cyclic transformation. Especially, it is principally strengthened by the first cyclic transformation and shows higher increase in yield strength than that of ultimate tensile strength.