<p>As individual demands for thermal–moisture comfort continue to increase alongside the high energy consumption issues associated with traditional heating and cooling systems and the urgent need for low-carbon energy conservation, the development of shape memory smart fabrics capable of responding to environmental changes has become a research hotspot. However, existing shape memory thermal–moisture management fabrics currently face key issues such as excessively high response temperatures, inadequate response performance, and, consequently, the need for improved thermal–moisture management performance. In this work, a dual-network shape memory polymer (SMP) was prepared, and its shape memory temperature was adjusted to approach the thermal comfort range of the human body. The polymer fibers were made into shape memory fiber artificial muscles using twisted-coiled processing to increase reversible strain. Woven with wool into plain fabric, it has adaptive thermal–moisture management capabilities, with up to 17.5% warp reversible strain. At high temperatures, it contracts (air permeability of 1546 mm/s and thermal conductivity of 0.0518 W/(m K)), whereas at low temperatures, it elongates (air permeability of 1322 mm/s and thermal conductivity of 0.0426 W/(m K)), realizing “warm when cool and cool when hot” capabilities. Compared with commercial wool fabrics, this fabric can lower the skin microenvironment temperature by 1.5 °C and has an energy savings potential of approximately 222.58 MJ/m² per year in capital cities, such as Beijing. This fabric offers a new technical pathway and design approach for future personalized comfort and low-carbon, energy-saving solutions.</p>