In this study, the shape memory effect characteristics of a ternary CuAlNi shape memory alloy (HTSMA) ribbons produced by melt spinning method was investigated by performing thermal and structural measurements. To investigate shape memory effect properties of the alloy ribbon some isothermal calorimetry, structural and shape recovery ratio tests were performed. The differential scanning calorimetry (DSC) test result showed the peaks of the reversible martensitic phase transformations occurred in a high temperature region (in between~ 192 C-293 C) during the heating and cooling processes of the CuAlNi alloy ribbon. The hysteresis gap of the ribbon alloy was found narrow (20.77 C). Some other related thermodynamical parameters parameters of the alloy were determined, too. The differential thermal analysis (DTA) measurement taken from room temperature to 900 C revealed the sequenced multiple solid solid phase transitions in the high temperature β-phase region and this was found as compatible with the common behavior of the Cu-rich alloys. Theoretical pre-assesment on the martensite phases of the alloy was deduced from the calculated average valence electron concentration (e/a) value (1.54) of the alloy and this was proved by structural XRD test performed also in room conditions. The X-ray diffraction pattern of the alloy revealed the presence of the volumetrically dominant γ1’martensite phase over the collateral secondary β1’martensite phase in the alloy. A shape recovery performance test upon thermomechanical bending was performed on the alloy, too.