The rapid evolution of clinical medicine, materials science, and regenerative medicine has rendered traditional implantable scaffolds inadequate for addressing the complex therapeutic demands of various diseases. Currently, implantable scaffolds in clinical practice are mainly made of metal, with the disadvantages of high stiffness, poor toughness, and low deformation. This paper offers a thorough review of shape memory scaffolds (SMSs), emphasizing their distinctive self‐recovery and adaptive functionalities that enhance compatibility with injured tissues, surpassing the capabilities of conventional metallic biomaterials. It delves into the limitations of current clinical scaffolds and the requisite performance metrics for effective implants and outlines the essential materials and fabrication methods for SMSs. Moreover, we enumerate the biomedical applications of SMMs with different response types, including thermology‐responsive, water‐responsive, and light‐responsive. The discussion extends to the burgeoning applications of SMSs in biomedical engineering, including their utility in bone tissue engineering, cardiovascular stenting, tubular structures, and cardiac patches, which underscore their potential in minimally invasive procedures and dynamic tissue interactions. This review concludes with an analysis of current challenges and prospects, providing valuable insights for developing and applying SMSs in the biomedical sector.