PURPOSE: To improve shape memory characteristics and fatigue life characteristics, by incorporating specific amounts of Al, Cr, Ni, Co, Si, and C to an Fe-Mn alloy.

CONSTITUTION: This Fe-base shape memory alloy has a composition consisting of, by atom., 10W30% Mn, ≤3% Al, and the balance Fe or further containing, besides the above, ≤10% shape memory effect-strengthening elements. The above shape memory effect-strengthening elements are selected from one or more elements among Cr, Ni, Co, C, and Si. By subjecting the melt of the above alloy to super rapid cooling, shape memory effects and fatigue life can be improved to greater extents.