The microstructure and martensitic transformation behavior of Ni50−xTi50Lax (x = 0.1, 0.3, 0.5, 0.7) shape memory alloys were investigated experimentally. Results show that the microstructure of Ni50−xTi50Lax alloys consists of a near-equiatomic TiNi matrix, LaNi precipitates, and Ti2Ni precipitates. With increasing La content, the amounts of LaNi and Ti2Ni precipitates demonstrate an increasing tendency. The martensitic transformation start temperature increases gradually with increasing La content. The Ni content is mainly responsible for the change in martensite transformation behavior in Ni50−xTi50Lax alloys.