Shape memory alloy (SMA), a type of smart material, is widely used in the design of reinforcement and repair, isolation, and shock absorption of building structures because of its outstanding characteristics, such as the shape memory effect (SME), superelasticity (SE), and high damping. It not only improves the bearing capacity, ductility, and mechanical properties of the structural components of buildings but can also effectively slow down the strong response of engineering structures under the effect of an earthquake. It plays a key role in energy dissipation and shock absorption as well as sustainable development. To promote the application of SMA in building structures, this paper summarizes the research on the use of SMA as a reinforcing material in building structures, including work related to SMA material characteristics and types, SMA-reinforced structural components, and SMA isolation devices. In addition, the shortcomings of SMA applications in building structures are analyzed, and valuable suggestions for future research methods are put forward. SMA has been applied to engineering practice in the form of embedded and external reinforcement, which shows that it has broad application prospects in future buildings.