This paper investigates the performance of shape memory alloy (SMA)-based multi-ring (SBMR) damping devices through an extensive experimental program. SBMR devices were recently proposed for the seismic damage mitigation of building structures. These devices combine the shape recovery capability of austenitic NiTi rings with the high energy dissipation of a ring made of other metals, such as mild steel or martensitic NiTi, to achieve a balanced performance in terms of energy dissipation and self-centering. The experimental program consisted of two phases: (I) material testing, and (II) device testing. Phase I aimed at selecting the optimal heat treatments of austenitic and martensitic NiTi alloys for potential application in SBMR devices. To this end, 24 NiTi rod samples with various heat treatments were tested under uniaxial cyclic loading. With an optimal heat treatment, the residual strain of austenitic NiTi rods could be limited to less than 0.1% after 6% of elongation. In phase II, three rings made of austenitic NiTi, martensitic NiTi, and A36 steel, as well as a double-ring device and a triple-ring device, were tested under various bidirectional loading protocols. The test results showed that the austenitic NiTi ring with an optimized heat treatment could provide more than 93% of self-centering, but only less than 5% of effective damping ratio. However, both the double- and triple-ring devices provided at least 64% of self-centering and up to 16% of effective damping ratio. SBMR devices were also found capable of remaining usable after at least three strong seismic events with different durations.