The γ←(FCC)→ε(HC) transformation is studied by light optical microscopy and scanning electron microscopy in a polycrystalline Fe-Mn-Si-Cr-Ni shape memory alloy. Thermal and stress-induced martensites are both studied to point out differences. A color etching method permitted to clearly observe morphological evolutions during the transformation and its reversion. Deformations of a golden microgrid deposed on austenitic samples are observed by SEM during the transformation. This technic has led to point out microscopic differences concerning the two kinds of martensite. SEM results are used to explain light optical microscopy observations.