Future active metamaterials for reconfigurable structural applications require fast, untethered, reversible, and reprogrammable (multimodal) transformability with shape locking. Magnetic control has a superior advantage for fast and remotely controlled deployment; however, a significant drawback is needed to maintain the magnetic force to hold the transformation, limiting its use in structural applications. The shape‐locking property of shape‐memory polymers (SMPs) can resolve this issue. However, the intrinsic irreversibility of SMPs may limit their reconfigurability as active metamaterials. Moreover, to date, reprogrammable methods have required high power with laser and arc welding proving to be energy‐inefficient control methods. In this work, a magneto‐thermomechanical tool is constructed and demonstrated, which enables a single material system to transform with untethered, reversible, low‐powered reprogrammable deformations, and shape locking via the application of magneto‐thermomechanically triggered prestress on the SMP and structural instability with asymmetric magnetic torque. The mutual assistance of two physics concepts—magnetic control combined with the thermomechanical behavior of SMPs is demonstrated, without requiring new materials synthesis and high‐power energy for reprogramming. This approach can open a new path of active metamaterials, flexible yet stiff soft robots, multimodal morphing structures, and mechanical computing devices where it can be designed in reversible and reprogrammable ways.