This research was performed to investigate the transformation behavior and shape memory effect of Cu-13.5Al-4.5Ni(wt%) alloy with various aging temperature and time. The results obtained in this study are as follows: Transformation temperature was very increased when aging temperature is at $250^{circ}C$. The variation of transformation temperature in first reverse transformation cycle and second was very significant, but there was little difference in case of 2nd and 3rd. Transformation temperature at various aging temperature was increased with increasing of aging temperature and time. Microvickers hardness was increased with increasing of aging temperature and time. It was found that ${alpha}$ and ${gamma}_2$ phase were created by aging of long time at high temperature.