Although many shape memory alloys were developed, only Ni–Ti alloy has been practically employed in the various fields of industry because of its large shape recovery strain (about 8%). Since this alloy is very expensive, various attempts have been made to develop other cheaper shape memory alloys. Recently, Fe–Mn–Si system which experiences FCC(g)→HCP(e) non-thermoelastic martensitic transformation has drawn much attention because of its low cost. It is, however, far from the practical employment owing to the incomplete shape memory effect at higher strains over 2%. So many works have been made on the modification of the Fe–Mn–Si system to improve the shape memory effect. In the present paper, a new Fe–15%Mn–5%Co–5%Cr– X%Si (X: 3, 4, 5, 6) alloys were prepared according to the principles of alloy design described below to obtain good shape memory effect as well as good corrosion resistance, and the effect of Si content on the reverse transformation (e→g) temperature, at which shape recovery occurs, was first investigated.