This research presents microstructural characterization of the CoNi Al shape memory alloy with focus on understanding the significant properties as well as the relation between the physical properties and microstructure of this alloy. Melting technique were used to prepare Co Al Ni shape memory alloys, where scanning electron microscope, light optical microscopy and x-ray diffraction investigations showed that structure of this alloy is polycrystalline double phase (β and γ) structure, and it found that the grain size and phase fraction of β phase was ranged from 9 to 16 μm and (50-80) % respectively. It was found that by increasing the heat treatment time the phase fraction of hard β phase increased and phase fraction of ductile γ phase decreased, and consequently the grain size and the hardness of β phase increased. Differential Scanning Calorimeter results showed that transformation temperature decreased by increasing Al/Co, that Co content affected on transformation temperature. Tafel Curves showed the corrosion behavior in simulation body fluid, where the corrosion rate was ranged from 0.13 to 0.47 mpy and increased with each of increasing the annealing time and Co content, and from cyclic curves, the pitting corrosion possibility is not observed due to the formation of a protective layerthat formed by Al element.According to these properties and behavior, it was found that this alloy could be a good choice to be used for biomedical applications, especially in surgical, catheter tools and medical instruments.