The cyclical tensile deformation behavior of a solution-treated (ST) Ti–33Nb–4Sn alloy with a dual β and α" phases was investigated in this study. Experimental results indicated that the ST Ti–33Nb–4Sn alloy exhibited different deformation behavior during two different loading-unloading cycles, and that the deformation behavior was closely related to the characteristics of stress-induced martensitic (SIM) transformation, mainly including the extent and the reversibility of SIM transformation. During the first cycle, the extensive and incompletely reversible SIM transformation occurred, resulting in notable “double yielding” during loading and residual permanent strain after unloading. In the second cycle, however, a slight and reverse SIM transformation, together with pure elastic deformation, taken place concurrently, giving rise to a recoverable nonlinear deformation behavior. Our results also imply that by tailing the characteristics of SIM transformation, the Ti-based alloys with a mixture of α" and β phases might perform recoverable deformation and possess a promising potential for engineering applications.