Abstract: Shape memory polymers have gained extensive applications in aerospace, biomedical, and industrial fields due to their reversible shape transformation properties. However, conventional shape memory polymers were limited in practical applications owing to their constrains in mechanical properties, response speed, shape recovery ratio, and multifunctional integration. To address these issues, researchers have developed various strategies including physical modification, chemical modification, and structural design innovations to enhance mechanical strength, shape stability, multi-stimulus responsiveness, and multifunctionality, thereby expanding their application scope. Furthermore, this review summarizes the applications of modified shape memory polymers and their composites in relevant fields, analyzes the current challenges in research, and provides an outlook on future research directions.