Shape memory materials (SMMs) are defined as materials that are capable of recovering permanent shapes from temporary deformations when subjected to specific stimuli given the shape memory effect (SME). Shape memory effect is the phenomenon whereby a material recovers its phase transition temperature through residual strain during annealing after unloading an applied stress. Shape memory materials, including shape memory alloys (SMAs), shape memory ceramics (SMCs), and shape memory polymers (SMPs), are considered to be ideal materials for reconfiguring structures in response to external stimuli. Their performance can be enhanced through modification and processing. Emerging technologies such as additive manufacturing and computer-aided designing have the potential to improve cost-effectiveness, adaptability, and versatility, while also enabling the replacement of thermal actuation with fields such as light, electricity, and magnetism-providing opportunities for biomedical devices. Shape memory materials have been extensively applied in tissue engineering including wound healing and self-adjusting implants as well as disease theranostics including medical smart actuator, drug delivery, and biosensors. It is anticipated that shape memory materials will become more sophisticated—offering customized services for personalized medicine—and will exhibit considerable promise for biomedical applications.