A Fe-17Mn-6Si-19Cr-4Ni-1(V,C) shape memory steel (SMS) was characterised electrochemically in its unstrained and pre-strained conditions. The work focused on analysing the passive films generated in alkaline conditions, and on the behaviour of those passive samples in various Cl−/OH− ratios. The passive films were developed by cyclic voltammetry and their characterisation was performed by electrochemical impedance spectroscopy (EIS) and X-ray photoelectron spectroscopy (XPS); these tests were also carried out in 304 L stainless steel specimens for comparison purposes. The results indicated that the film characteristics (thickness and composition) were similar in all the samples, although higher corrosion resistance was observed in the 304 L due to the higher Cr content. In addition, the behaviour of the passive samples in aggressive conditions was assessed by potentiodynamic measurements. The results stated that the shape memory steels were more sensitive than the stainless steel to the aggressive conditions, especially when the alloy was pre-strained. It was also observed that the SMS exhibited a characteristic corrosion morphology localized at the grain boundaries.