Ferrous shape memory alloy, Fe41Ni28Co17Al11.5Ta2.5B0.05, has shown large superelastic strain and strength in previous study. In the fabrication of this alloy, aging process is crucial for the formation of shape memory effect/superelasticity. However, its phase evolution on aging time is not clearly known. In this study, we systematically studied the phase diagram of this alloy on aging time. It is found that the unaged alloy shows a strain glass transition. With the aging time proceeding, the martensitic transformation gradually emerges. The phase diagram can be explained by the formation of coherent precipitates induced by aging. The heterogeneous strain between coherent precipitates and matrix is the driving force responsible for the emerging martensitic transformation. The generic explanation is supposed to be useful in martensitic transformation engineering for developing novel shape memory alloys from non-transforming materials.