Nickel titanium, also known as nitinol, is a metal alloy of nickel and titanium, where the two elements are present in roughly equal atomic percentages. Different alloys are named according to the weight percentage of nickel; e.g., nitinol 55 and nitinol 60.

Nitinol alloys exhibit two closely related and unique properties: the shape memory effect and superelasticity (also called pseudoelasticity). Shape memory is the ability of nitinol to undergo deformation at one temperature, stay in its deformed shape when the external force is removed, then recover its original, undeformed shape upon heating above its "transformation temperature." Superelasticity is the ability for the metal to undergo large deformations and immediately return to its undeformed shape upon removal of the external load. Nitinol can undergo elastic deformations 10 to 30 times larger than alternative metals. Whether nitinol behaves with shape memory effect or superelasticity depends on whether it is above its transformation temperature during the action. Nitinol behaves with the shape memory effect when it is colder than its transformation temperature, and superelastically when it is warmer than it.

The word "nitinol" is derived from its composition and its place of discovery, Nickel Titanium - Naval Ordnance Laboratory. William J. Buehler along with Frederick E. Wang, discovered its properties during research at the Naval Ordnance Laboratory in 1959. Buehler was attempting to make a better missile nose cone, which could resist fatigue, heat and the force of impact. Having found that a 1:1 alloy of nickel and titanium could do the job, in 1961 he presented a sample at a laboratory management meeting. The sample, folded up like an accordion, was passed around and flexed by the participants. One of them applied heat from his pipe lighter to the sample and, to everyone's surprise, the accordion-shaped strip contracted and took its previous shape.

While potential applications for nitinol were realized immediately, practical efforts to commercialize the alloy did not take place until two decades later in the 1980s, largely due to the extraordinary difficulty of melting, processing and machining the alloy.

The discovery of the shape-memory effect in general dates back to 1932, when Swedish chemist Arne Ölander first observed the property in gold–cadmium alloys. The same effect was observed in Cu-Zn (brass) in the early 1950s.

Nitinol's unusual properties are derived from a reversible solid-state phase transformation known as a martensitic transformation, between two different martensite crystal phases, requiring 69–138 MPa (10,000–20,000 psi) of mechanical stress.

At high temperatures, nitinol assumes an interpenetrating simple cubic structure referred to as austenite (also known as the parent phase). At low temperatures, nitinol spontaneously transforms to a more complicated monoclinic crystal structure known as martensite (daughter phase). There are four transition temperatures associated to the austenite-to-martensite and martensite-to-austenite transformations. Starting from full austenite, martensite begins to form as the alloy is cooled to the so-called martensite start temperature, or M_s, and the temperature at which the transformation is complete is called the martensite finish temperature, or M_f. When the alloy is fully martensite and is subjected to heating, austenite starts to form at the austenite start temperature, A_s, and finishes at the austenite finish temperature, A_f.

The cooling/heating cycle shows thermal hysteresis. The hysteresis width depends on the precise nitinol composition and processing. Its typical value is a temperature range spanning about 20–50 °C (36–90 °F) but it can be reduced or amplified by alloying and processing.