The influence of various heat treatments on the corrosion behavior of a novel iron-based shape memory alloy (Fe-SMA), Fe-17Mn-6Si-10Cr-4Ni-1(V,C), used as prestressing elements in civil engineering was examined through electrochemical corrosion methods. SMAs were subjected to two different electrolytes: saturated Ca(OH)₂ solutions with and without chlorides to mimic the conditions in concrete. Two specific heat treatments were applied to the Fe-SMA, which resulted in a change in grain size and precipitation of secondary phases. Furthermore, conventional structural steel, B500B, was utilized as a reference material. The results reveal that the heat treatments did not significantly change the corrosion rates of these alloys in Ca(OH)₂ solution compared to B500B when chlorides were absent. However, the presence of chloride ions suppressed the passivity of B500B and promoted the localized corrosion (pitting and intergranular) of the Fe-SMAs, among which the solutionized alloy showed significantly higher resistance to the pitting. It was demonstrated that the heat treatments and, consequently, microstructural characteristics influence the pitting behavior of these alloys.