In 2020, we published a review on the study of semi-crystalline thermoplastic polyurethane elastomers and composites based on the shape memory effect. The shape recovery ability of such polymers is determined by their sensitivity to temperature, moisture, and magnetic or electric fields, which in turn are dependent on the chemical properties and composition of the matrix and the nanofiller. Nanocellulose is a type of nanomaterial with high strength, high specific surface area and high surface energy. Additionally, it is nontoxic, biocompatible, environmentally friendly, and can be extracted from biomass resources. Thanks to these properties, nanocellulose can be used to enhance the mechanical properties of polymer matrices with shape memory effect and as a switching element of shape memory. This review discusses the methods for producing and properties of nanocellulose-based thermo-, moisture-, and pH-sensitive polyurethane composites. The synergistic effect of nanocellulose and carbon nanofillers and possible applications of nanocellulose-based thermoplastic polyurethane biocomposites with shape memory effect are discussed. A brief description of nanocellulose terminology is also given, along with the structure of shape memory thermoplastic polyurethanes. There is significant interest in such materials for three primary reasons: the possibility of creating a new generation of biomaterials, improving the environmental friendliness of existing materials, and exploiting the natural renewability of cellulose sources.