In this work we argue that the reverse martensitic transformation (MT) of the stress-induced martensite (SIM) of Fe–Mn–Si-based alloys for moderate prestrains occurs in essentially thermoelastic-like way, in contrast to non-thermoelastic MT of temperature-induced martensite (TIM). We compare, using a number of complementary experimental techniques, the temperatures and the kinetics of the reverse ε→γ martensitic transformation of SIM and TIM for commercial and model Fe–Mn–Si alloys after various thermomechanical treatments. We claim that two studied phenomena are generic in Fe–Mn–Si-based alloys of different compositions and microstructure: first, opposite to the conventional effect of stabilization of martensite by prestrain, the reverse MT during heating of alloys prestrained in bending and tension starts well below (up to 100 K) the start temperature of the reverse MT for the TIM of the same alloy. The difference between engineering temperatures of the start of the reverse transformation, As, for SIM and TIM reaches ca. 50 K, pointing to a need to consider different As for TIM and SIM, AsTIM and AsSIM. Second, the reverse transformations of TIM and SIM show very different kinetics. The reverse MT of SIM is diffuse over the temperature range exceeding 100 K. The reverse MT of TIM, on the contrary, is well localized within the temperature range of ca. 20 K. The experimental observations can be interpreted assuming that, due to the differences in the formation mechanisms of SIM and TIM, the latter shows non-thermoelastic behaviour, whereas the SIM shows similarities with the thermoelastic martensites stabilized by prestrain.