A Ti-Mo based Ti-9.5Mo-4Nb-2V-3Al (wt. %) alloy exhibits shape memory effect and superelasticity with low elastic modulus (66 MPa). It is found that plate-like martensite α” can be stress-induced from the parent phase by tensile deformation, but it can not transform to parent phase reversely at room temperature after unloading. However, when the deformed specimen is heated to 500 K, the plate-like α” martensite can transform to parent phase, which is verified by X-ray diffraction (XRD) and DSC, and the strain is restored. The effect of aging on the superelasticity and shape memory effect of this Ti-Mo based alloy was investigated by cyclic tensile test. The Ti-9.5Mo-4Nb-2V-3Al alloy exhibits perfect superelasticity, about recovery strain of 3.2 % after the alloy aged at 573 K for 60 minutes.