The functional behavior of the porous shape memory alloy produced by self-propagating high-temperature synthesis from the Ti-48.0 at.% Ni powder mixture was studied. It was found that a large unelastic strain recovered on unloading and it was not attributed to the pseudoelasticity effect. A decrease in deformation temperatures did not influence the value of strain that recovered on unloading, while the effective modulus decreased from 1.9 to 1.44 GPa. It was found that the porous Ti-48.0 at.% Ni alloy revealed the one-way shape memory effect, where the maximum recoverable strain was 5%. The porous Ti-48.0 at.% Ni alloy demonstrated the transformation plasticity and the shape memory effects on cooling and heating under a stress. An increase in stress did not influence the shape memory effect value, which was equal to 1%. It was shown that the functional properties of the porous alloy were determined by the TiNi phase consisted of the two volumes Ti_49.3Ni_50.7 and Ti₅₀Ni₅₀ where the martensitic transformation occurred at different temperatures. The results of the study showed that the existence of the Ti_49.3Ni_50.7 volumes in the porous Ti-48.0 at.% Ni alloy improved the functional properties of the alloy.