NiTi-based shape memory alloys (SMAs) offer a good combination of high-strength, ductility, corrosion resistance, and biocompatibility that has served them well and attracted the attention of many researchers and industries. The alloys unique thermo-mechanical ability to recover their initial shape after relatively large deformations by heating or upon unloading due to a characteristic reversible phase transformation makes them useful as damping devices, solid state actuators, couplings, etc. However, there is a need to increase the temperature of the characteristic phase transformation above 150 °C, especially in the aerospace industry where high temperatures are often seen. Prior researchers have shown that adding ternary elements (Pt, Pd, Au, Hf and Zr) to NiTi can increase transformation temperatures but most of these additions are extremely expensive, creating a need to produce cost-effective high temperature shape memory alloys (HTSMAs). Thus, the main objective of this research is to examine the relatively unstudied NiTiZr system for the ability to produce a cost effective and formable HTSMA. Transformation temperatures, precipitation paths, processability, and high-temperature oxidation are examined, specifically using high energy X-ray Diffraction (XRD) measurements, in NiTi-20 at.% Zr. This is followed by an in situ XRD study of the phase growth kinetics of the favorable H-phase nano precipitates, formed in NiTiHf and NiTiZr HTSMAs, based on prior thermo-mechanical processing in a commercial NiTi-15 at.% Hf HTSMA to examine the final processing methods and aging characteristics. Through this research, knowledge of the precipitation paths in NiTiZr and NiTiHf HTSMAs is extended and methods for characterization of phases and strains using high energy XRD are elucidated for future work in the field.