The variation in martensitic transformation temperatures, resistivity and dislocation density were studied during 500 thermal cycles of the Ti40.7Hf9.5Ni44.8Cu5 alloy with various grain sizes varied from 130 to 0.16 µm. It was found that the maximum transformation temperature variation was observed in the sample with an average grain size of 130 µm, and the minimum temperature change was found in the sample with a grain size of 0.16 µm. It was shown that on thermal cycling of the Ti40.7Hf9.5Ni44.8Cu5 alloy, the transformation temperatures might decrease, increase or to be constant and it had no relation to grain size. The analysis of the variation in dislocation density measured by Williamson-Hall technique and the variation in resistivity determined in the austenite and martensite states showed that these values changed non-monotonically on a rise in thermal cycle number. In the Ti40.7Hf9.5Ni44.8Cu5 alloy with grain size of 16 or 0.16 µm, the dislocation density and resistivity increased during first 50-200 cycles and then decreased that did not influence the transformation temperature variation. The obtained results showed that the variation in the dislocation density was not the only reason for the variation in the transformation temperatures on thermal cycling.