Nickel-Titanium (Ni-Ti) alloys of two different near-equiatomic chemical compositions (Ni-rich and Ti-rich) are subjected to severe plastic deformation by means of high pressure torsion (HPT) by higher rotation speed and larger total number of rotations. Further, the as-received and severely deformed specimens are subjected to heat treatments at 300 and 350 C. Phase transformations of the specimens under different conditions are analyzed by employing differential scanning calorimetry and by X-ray diffraction. The results obtained show that in Ti-rich Ni-Ti alloy the sequence of phase transformations is found to be stable against heat treatments and independent of previous HPT process. Also, in Ni-rich Ni-Ti alloy, when it is subjected to HPT, the sequence of phase transformations found to remain unaltered. However, with or without HPT, after the heat treatments at 300 and 350 C, the sequence of the phase transformation is found to be affected.