Room-temperature brittleness and strain-softening during deformation of bulk metallic glasses, and limited processability of shape memory alloys have been stumbling blocks for their advanced functional structural applications. To solve the key scientific problems, a new shape memory bulk metallic glass based composite, through the approach using transformation-induced plasticity (TRIP) effect of shape memory alloys to enhance both ductility and work-hardening capability of metallic glasses, and superplasticity of bulk metallic glass in supercooled liquid region to realize near net forming, was developed in this work. And the Ti-Ni base bulk metallic glass composites (BMGCs) rods were prepared by the levitation suspend melting-water cooled Cu mold process. Microstructure, thermal behavior, mechanical properties and high temperature deformation behavior of the alloy were investigated. The results show that the as-cast alloy microstructure consists of amorphous matrix, undercooled austenite and thermally-induced martensite. Besides, the size of the crystal phase precipitated on the amorphous matrix increases from the surface to the inside. The alloy exhibits excellent comprehensive mechanical properties at room temperature. The yield strength, fracture strength and the plastic strain of alloy are up to 1286 MPa, 2256 MPa and 12.2%, respectively. Under compressive loading in the supercooled liquid region, the composite exhibits approximate Newtonian behavior at lower strain rate in higher deformation temperature, and the optimum deformation temperature is T>480 ℃ and the intersection part with supercooled liquid region (SLR). When the temperature is 560 ℃ and the strain rate is 5×10^-4 s^-1, the stress sensitivity index m and the energy dissipation rate ψ are 0.81 and 0.895, respectively. Furthermore, the volume of activation is quantified to characterize the rheological behavior.