A process for making Type 60 Nitinol with shape memory effect from hot-worked material, such as hot rolled Type 60 Nitinol sheet or plate, includes heat treatment to a temperature of 600 C.-800 C. and holding the material at that temperature until the temperature has equalized throughout, and then heat soaking at that temperature for about 15 minutes. The material is then quenched immediately from that temperature, to a temperature below 300 C. This heat treatment produces Type 60 Nitinol in a condition denoted "ultraelastic". Ultraelastic Type 60 Nitinol has a shape memory characteristic having a very low transition temperature. The transition temperature can be tailored within a wide temperature range by the temperature of the initial heat treatment and subsequent rate of cooling.