This　study　prepared　three　different　microstructures　of　NiTiFe　shape　memory　alloys　(SMAs)　through　cold　rolling　and　recrystallization　annealing.　Among　them,　the　heterostructure　(HS)　type　alloy　achieved　a　synergistic　combination　of　strength　and　ductility　while　improving　its　superelastic　stability.　The　ultimate　tensile　strength　of　the　HS　type　alloy　was　912　MPa,　with　a　uniform　elongation　of　21.78　%.　The　residual　strain　after　a　single　tensile　cycle　at　7　%　strain　was　2.66　%,　and　after　ten　tensile　cycles,　the　residual　strain　was　2.69　%.　The　initial　morphology　and　post-stretching　deformation　of　the　NiTiFe　SMAs　were　captured　using　electron　backscatter　diffraction　(EBSD),　revealing　the　distribution　of　grain　size,　high-angle　grain　boundaries,　subgrain　boundaries,　kernel　average　misorientation　(KAM),　and　geometrically　necessary　dislocation　(GND)　density　for　all　three　microstructures.　Based　on　the　＜111　＞/,　＜100　＞/{110},　and　＜100　＞/{010}　slip　systems,　the　maximum　Schmid　factor　for　each　grain　slip　system　in　NiTiFe　SMAs　was　obtained.　The　HS　type　NiTiFe　exhibited　superior　overall　performance　due　to　the　synergistic　effect　of　its　unique　recrystallized　grains　and　non-recrystallized　regions.　This　study　provides　valuable　insights　into　improving　the　comprehensive　performance　of　NiTiFe　SMAs,　which　can　be　applied　in　a　wide　range　of　engineering　applications.