An almost single phase 14 M modulated martensite is obtained in melt spun ribbon of Ni55Fe17Ga26Co2 Heusler alloy. The effect of thermal treatments on the stability of the reverse martensitic transformation from 14 M modulated martensite to austenite phase in this system has been investigated by both non -isothermal and isothermal treatments. Heating above martensitic transformation promotes a continuous reduction of the martensitic transformation temperature, which stabilizes the austenite phase at room temperature and induces the precipitation of the gamma phase. However, thermal treatments at tem-peratures between the austenite start and finish temperatures induce the decoupling of the austenite formation in a subsequent heating. The two successive reverse martensitic transformations could be as-cribed to the untransformed martensite in the previous interrupted heating and to the new martensite formed during cooling.