Functional　stability　of　superelasticity　is　crucial　for　practical　applications　of　shape　memory　alloys.　It　is　degraded　by　a　Luders-like　deformation　with　elevated　local　stress　concentration　under　tensile　load.　By　in-creasing　the　degree　of　solute　supersaturation　and　applying　appropriate　thermomechanical　treatments,　a　Ti-Ni　alloy　with　nanocrystallinity　and　dispersed　nanoprecipitates　is　obtained.　In　contrast　to　conventional　Ti-Ni　alloys,　the　superelasticity　in　the　target　alloy　is　accompanied　by　homogeneous　deformation　due　to　the　sluggish　stress-induced　martensitic　transformation.　The　alloy　thus　shows　a　fully　recoverable　strain　of　6%　under　tensile　stress　over　1　GPa　and　a　large　adiabatic　temperature　decrease　of　13.1　K　under　tensile　strain　of　4.5%　at　room　temperature.　Moreover,　both　superelasticity　and　elastocaloric　effect　exhibit　negligi-ble　degradation　in　response　to　applied　strain　of　4%　during　cycling.　We　attribute　the　improved　functional　stability　to　low　dislocation　activity　resulting　from　the　suppression　of　localized　deformation　and　the　com-bined　strengthening　effect　of　nanocrystalline　structure　and　nanoprecipitates.　Thus,　the　design　of　such　a　microstructure　enabling　homogeneous　deformation　provides　a　recipe　for　stable　superelasticity　and　elas-tocaloric　effect.(c)　2022　Published　by　Elsevier　Ltd　on　behalf　of　The　editorial　office　of　Journal　of　Materials　Science　&　Technology.