Modified ultra-high-molecular-weight polyethylene (UHMWPE) with calcium stearate (CS) and polyethylene wax (PEW) is a feasible method to improve the fluidity of materials because of the tense entanglement network formed by the extremely long molecular chains of UHMWPE, and a modified UHMWPE sheet was fabricated by compression molding technology. A Fourier-transform infrared spectroscopy test found that a new chemical bond was generated at 1097 cm−1 in the materials. Besides, further tests on the thermal, thermomechanical, mechanical, and shape memory properties of the samples were also conducted, which indicates that all properties are affected by the dimension and distribution of crystal regions. Moreover, the experimental results indicate that the addition of PEW and CS can effectively improve the mechanical properties. Additionally, the best comprehensive performance of the samples was obtained at the PEW content of 5 wt % and the CS content of 1 wt %. In addition, the effect of temperature on the shape memory properties of the samples was investigated, and the results indicate that the shape fixity ratio (Rf) and the shape recovery ratio (Rr) can reach 100% at 115 °C and 79% at 100 °C, respectively, which can contribute to the development of UHMWPE-based shape memory polymers.