Synthesis of the NiTi shape memory alloy using the thermal explosion mode of the self-propagating high-temperature synthesis has been investigated. The significant fractions of intermetallics phases were found to form at the Ti/Ni powder interface during the heating to the ignition temperature and seemed to influence the relative fraction of phases in the final products. As the heating rate to the ignition temperature was increased, the combustion temperature and the fraction of NiTi in the final reaction products were increased. The synthesis reaction under 70 MPa compressive pressure yielded a reaction product with 98% theoretical density.