This chapter explores the integration of nanostructures into Shape Memory Polymers (SMPs), a class of smart materials renowned for their ability to recover predefined shapes after deformation. SMPs, driven by molecular architecture, exhibit the shape memory effect (SME) through programming, temporary shape fixation, and recovery. The incorporation of nanostructures, such as carbon nanotubes, graphene, and nanoparticles, has significantly enhanced SMPs’ mechanical, thermal, and electrical properties, addressing limitations like slow recovery kinetics and weak mechanical strength. These advancements enable multi-stimuli responsiveness, making SMPs suitable for diverse applications in biomedical engineering, aerospace, robotics, and flexible electronics. The chapter delves into fabrication techniques, including nanocomposite blending and advanced nanofabrication strategies, while highlighting challenges such as nanoparticle dispersion and scalability. Performance enhancements, including improved tensile strength, toughness, and fatigue resistance, are discussed, alongside applications like self-expanding stents, deployable aerospace structures, and soft robotics. Despite progress, issues like durability, reproducibility, and cost remain. Emerging trends, such as AI-driven material design and biomimetic nanostructures, offer promising avenues for future research. Overall, nanostructured SMPs represent a transformative class of materials with vast potential across various industries.