Effect of annealing temperature on microstructure and superelasticity of Ti-4Au-5Cr-8Zr (mol%) was investigated. Only ¢ phase was observed in the specimen annealed at 1173 K, whereas the precipitation of Ti 3 Au, Zr 33 Ti 40 Au 27 (Laves phase) and ¡ phase occurred in the specimens annealed below 1073 K. Superelasticity was clearly observed in the specimens annealed at 1073 K and 1173 K, though it was absent in the specimens annealed at 873 K and 973 K. The maximum superelastic recovery strain was increased by the precipitation of Ti 3 Au in the specimen annealed at 1073 K. This is due to the increase in the critical stress for slip by the precipitation strengthening effect of Ti 3 Au.