Co2Cr(Ga,Si) shape memory alloys have a wide application temperature range due to the unique re-entrant martensite phase transformation (RMT) behavior. Nevertheless, the microscopic mechanism of RMT remains elusive and unsystematic. The heart of this investigation lies the comprehensive exploration of phase stability, phase transformation path, and martensite slip direction during RMT from martensite (D022-PM) to austenite (L21-FM). In this work, we systematically investigate the re-entrant martensitic transformation of Co2Cr(Ga,Si) SMAs using first-principles methods for the first time. Firstly, the density of states (DOS) calculation indicates that the stability of L21-FM is higher than D022-PM. The charge density calculation further indicates that the bonding strength between Co atoms and Cr (Si) atoms in the L21-FM phase is the highest. In addition, Fermi surface calculation further reveals that phase instability is due to the Fermi surface nesting caused by electron-phonon coupling. Moreover, the minimum energy path was calculated by the G-SSNEB method for the first time, which indicates the RMT can occur. Finally, the calculation of the elastic constants indicates that RMT is caused by the crystal plane slip of the D022-PM phase along the <110> direction. Our calculations provide the electronic-level and thermodynamic mechanism for RMT of Co2Cr(Ga,Si) alloy and shed some light on the revelation of the phase transformation mechanism.