The results of high hydrostatic pressure studies of martensitic transf
ormations in alloys with special emphasis to shape memory alloys (SMA)
are reviewed. Experimentally detected positive and negative signs of
Ms temperature pressure shift and phase p-T diagrams are discussed. Hi
gh pressure induced shape memory effect and baroelasticity are conside
red to be the essential phenomena illustrating the importance of press
ure as a thermodynamic variable. Some estimations of high pressure inf
luence on Ms temperature in framework of phenomenological Landau theor
y are made.