This article reports the effect of ageing on the microstructure, martensitic transformation, magnetic properties, and mechanical properties of Ni₅₁Fe₁₈Ga₂₇Ti₄ shape memory alloy. There are five specimens of this alloy aged at 573 up to 973 K for 3 h per each. This range of ageing temperature greatly affects the microstructure of the alloy. As the ageing temperature increased from 573 up to 973 K, the microstructure of Ni₅₁Fe₁₈Ga₂₇Ti₄ alloy gradually changed from the entirely martensitic matrix at 573 K to the fully austenitic microstructure at 973 K. The volume fraction of precipitated Ni₃Ti particles increased with the ageing temperature increasing from 573 to 773 K. Further increasing the ageing temperature to 973 K decreased the content of Ni₃Ti in the microstructure. The martensitic transformation temperature was decreased steadily by increasing the ageing temperature. The magnetization saturation, remnant magnetization, and coercivity increased with the ageing temperature increasing up to 773 K. A further increase in ageing temperature decreased these magnetic properties. Moreover, the hardness values were gradually increased at first by increasing the ageing temperature to 773 K, and then dramatically decreased to the lowest value at 973 K.