The stress induced martensitic transformation and shape memory effect in an Fe-17Mn-5Si-10Cr-5Ni shape memory alloy with different deformation condition is studied by XRD analysis, metallographical and TEM observation. The results show that the shape recovery ratio rapidly increases with the time increase, when the suspend loading time T< 10min; although the amount of the stress induced martensitic increases, the shape recovery ratio decreases, when the suspend loading time T>10min, which reason is the stabilization of the stress induced martensitic. Suspending loading 10min can effective improve the shape recovery ratio.