Among various kinds of shape memory alloys, an Fe-based alloy indicates excellent formability, machinability and weldability. Additionally, its production cost is lower than other alloys. Therefore, it is attempted that the alloy be applied to structural members such as joints for pipelines, splice plates for railways, bolts and nuts, etc. When the alloy is used for the members, it is conceivable to deform flexurally at higher deformation rate because of earthquake, typhoon and related natural phenomena. Thus, it is important to investigate rate sensitivity of the alloy. In this study, a three-point bending test by using a thin plate made of Fe-28Mn-6Si-5Cr alloy is conducted at various normalized deformation rate such as 3.5×10–5, 3.5×10–4, 3.5×10–3, 3.5×10–2, 12.6 and 27.4 s–1. The rate sensitivity of its bending deformation under loading and shape memory effect by heating after unloading are investigated. As a result, it is shown that the positive rate sensitivity under loading, which means the load level increases with increasing in the deflection rate, can be observed in the alloy. However, it is hard to conclude that the shape memory effect depends on deflection rate clearly in the quasi-static region.