Using first-principles pseudo-potential plane wave method, the formation enthalpy ΔH, binding energy ΔE, elastic constants, and electronic structure were calculated and analyzed carefully for NiTiX (X = Cu, Fe) shape memory alloy. The results show that the Cu or Fe element prefers to occupy the Ni site in the NiTi matrix phase respectively. Compared with the NiTi matrix phase, the ΔH, ΔE, c44 and c′ of NiTi (Cu) are similar to each other. However, the structural stability of the NiTi phase is improved obviously by the Fe alloying process. Simultaneously, the shear modulus c44 and c′ of NiTi (Fe) are larger than those of the NiTi matrix phase. Furthermore, Milliken population results indicate that QCu–Ti is smaller than QNi–Ti after the Cu alloying process, but QFe–Ti is larger than QNi–Ti. The electron density difference shows that some covalent bonding exists between Fe and Ti elements. Based on the upward analysis, the difference in the phase stability and elastic constants of NiTiX (X = Cu, Fe) is the substantial mechanism for the different Ms of NiTiX (X = Cu, Fe) although Cu or Fe substitutes for the same atom Ni elements in the NiTi matrix phase.