The influence of aging treatment on the shape memory effect and corrosion resistance of a newly developed Fe-Mn-Si-Cr-Ni-based alloy containing C, N, and V elements was investigated. Results showed that V(CN) and Cr23C6 particles, precipitated during aging, could improve the shape recovery ratio to 72%, compared with that of 21% for the solution treated sample, when the alloy was aged for 24 h. The corrosion behavior in 0.5 M H2SO4 solution was almost the same for all the samples, barring a slight difference in the passivation range. In addition, the passivation current and critical current required for the onset of passivation of the aged samples were almost triple that of the unaged. In 3.5% NaCl solution the corrosion behavior of all aged samples was that of general dissolution with localized attack (pitting), which can be attributed to the micro-cathodic effect of the V(CN) and Cr23C6 particles precipitated during aging. Although the best corrosion resistance in both H2SO4 and NaCl solutions was shown by the solution treated sample, 24 h-aged sample exhibited an improved corrosion resistance, ascribed to the improved chemical homogeneity of the austenite matrix due to long aging time (24 h).