A group of shape memory polyurethane‐based nanocomposites containing graphene quantum dot nanoparticles (GQDs) were prepared via in‐situ polymerization method. GQD nanoparticles were synthesized by a facile and rapid microwave‐assisted method and characterized by Fourier‐transform infrared spectroscopy (FTIR), X‐ray diffraction pattern, field emission scanning microscopy, transmission electron microscopy, and fluorescence analysis. Chemical structure and hydrogen bonding index (HBI[C=O]) of the nanocomposites were analyzed via FTIR spectra. The results show that the incorporation of GQDs in PU matrix reduces HBI(C=O) of nanocomposites. Crystalline structure and thermal properties of the nanocomposites were investigated by differential scanning calorimetry. As results indicate, nucleation effect of GQDs raises crystallinity content of the samples. Mechanical examinations indicate that incorporation of GQDs improves Young's modulus of the nanocomposites, while their elongation at break values are reduced. In addition, shape memory analyses reveal that the presence of GQDs in PU matrix increases the shape fixity ratios in nanocomposites.