Magnetic, magneto‐elastic and elastic measurements were used to characterize the thermal evolution of the premartensite phase of Ni2 MnGa. The premartensitic transition is shown to correspond to a sharp maximum of magnetostriction and a pronounced minimum of the (110) shear stiffness (the elastic coefficient); no additional softening of the coefficient prior to the martensitic transformation was observed. In contrast, a significant softening of the (100) stiffness (the elastic coefficient) was observed in the vicinity of the martensitic transition, while this coefficient is fully unaffected by the premartensitic transition. A simple two‐dimensional model of the tweed is presented to explain this mutual independence between the and shears and the effect of tweed formation on both of them.