Acoustic emission and differential scanning calorimetry have been used to study the structural changes and the thermal effects in a TiNi alloy after severe plastic deformation (SPD). The character and the thermal effect after SPD are shown to demonstrate partial amorphization of the alloy. The heat release observed upon the first heating after SPD in the temperature range 250–380°C corresponds to solidification. The number of detected acoustic emission signals from the TiNi alloy and their amplitudes are found to decrease after SPD.