This study demonstrates that a high density and a high transformation heat can be attained for PM TiNi. With the use of fine elemental powders, a composition of Ti51Ni49, two-step heating, and persistent liquid-phase sintering at 1553 K (1280 °C), a 95.3 pct sintered density was attained for compacts with a green density of 66 pct. A transformation heat, ΔH, of 31.9 J/g was also achieved, which is much higher than reported previously for sintered TiNi and is approaching the highest ΔH reported to date, 35 J/g, for wrought TiNi with low C, O, and N contents. The main reason for having these properties in powder metal TiNi with higher amounts of C, O, and N is that the extra Ti, that over the equiatomic portion in the Ti-rich Ti51Ni49, forms Ti2Ni compound, which traps most of the C, O, and N. This results in low interstitial contents and a high Ti/Ni ratio of 50.5/49.5 in the TiNi matrix. The tensile strength, elongation, and shape recovery rate after five training cycles were 638 MPa, 14.6, and 99.1 pct, respectively, despite the presence of Ti2Ni compounds at grain boundaries.