The shape memory capabilities of Heusler alloy microwires with two different contents of Fe element instead of Ga element following step-by-step ordering heat treatment were explored based on the stoichiometric ratio of Ni2MnGa. The melt-drawing technique was used to create the polycrystalline microwires, and the two microwires had Fe atomic contents of 4.7 at.% and 5.5 at.%, respectively. The field emission scanning electron microscope was used to analyze the microwire’s surface condition as well as the microscopic tensile fracture morphology. Using an X-ray diffractometer, the microwires’ crystal structure was identified for phase analysis. Differential scanning calorimetry was used to examine the microwires’ behavior during martensitic transformation. Using a dynamic mechanical stretcher, the elongation and recovery rate of microwires’ one- and two-way shape memory behavior were examined. The findings demonstrated that the microwire phase structure, martensitic transformation behavior, and shape memory capabilities all displayed good properties after the heat treatment was ordered.