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In the present work, the structural, mechanical and shape memory properties of Ni55Fe16Ga29 (at.%) melt-spun ribbons have been studied with a prospective of application in the elastocaloric devises. Particularly, a special thermo-mechanical treatment, consisting in the thermal aging under constant external stress, was elaborated to control the residual internal stress generated due to the melt-spinning processing and improve thermomechanical and superelastic responses of the ribbon. The stress-induced entropy change was evaluated for the ribbon with improved thermomechanical properties. Keywords: Melt spun ribbons, NiFeGa, Mechanical properties, Elastocaloric effect