Phase constitution and martensitic transformation behavior were investigated for a Au–51Ti–18Co alloy heat-treated at 1173 K to 1373 K for 3.6 ks. The Au–51Ti–18Co alloy was fabricated by Ar arc-melting technique and subsequently by hot-forging at 1423 K for 10.8 ks. X-ray diffraction analysis revealed that B2 parent phase, B19 martensite phase and AuTi3 simultaneously appeared regardless of the heat-treatment temperatures. By increasing the heat-treatment temperature, the volume fraction of AuTi3 was slightly reduced. Besides, the lattice transformation strain which was calculated from the precisely-determined lattice parameters was evaluated to be 7% in the Au–51Ti–18Co alloy in all the heat-treated conditions. This value is comparable to that of NiTi practical alloys. From differential scanning calorimetry (DSC) analysis, reverse martensitic transformation temperature was slightly increased with the heat-treatment temperature. From the lattice transformation strain point of views, the Au–51Ti–18Co has a large potential for novel biomedical shape memory alloy.