The thermo-mechanical characteristics of high temperature NITINOL shape memory alloy were evaluated using DSC with small samples and DMA with three-point bending specimens. The shape memory alloy of 54.4Ni/45.5Ti wt.% was used so that the phase transformation temperatures were in the range of 50~11$0^{circ}C$. Two types of sample were tested in the experiments corresponding to as-received and annealed conditions. Simple beam bending theory was used to calculate the dynamic moduli of the shape memory alloy. According to the results, a large discrepancy in transformation temperatures was found between DSC and DMA techniques. Annealing treatment was found to suppress the R-phase transformation during cooling and the secondary plateau in the austenite transformation. Such a heat treatment was also significantly influenced to raise the transformation temperatures and the moduli of the shape memory alloy.