The two-way shape memory was analyzed using polycrystalline finite element method, which takes into account both the effect of the martensitic transformation and the plastic slip. A TiNi shape memory alloy, which is subjected to the training that contains the combination of tension and torsion, shows the biaxial two-way shape memory effect. In general, two-way shape memory strain increases with the applied stress during training and the succeeding training weakens the effect of preceding training.