This article presents a metal matrix composite material consisting of NiTi wires embedded in nitrile butadiene rubber (NBR) that preserves NBR’s inherent acoustic characteristics while enabling acoustic modification through the NiTi phase transition induced by stress and temperature. The macroscopic mechanical parameters of transversely isotropic NiTi-NBR composite materials are derived by means of a secondary bridging model that takes into account interfacial phases. On this basis, the acoustic impedance properties and absorption coefficient of composite materials were examined as a function of NiTi volume fraction using the transfer matrix method. The accuracy and effectiveness of the theoretical method were verified by comparing the calculated results with finite element simulation. The research results indicated that regulating the volume fraction of NiTi can lead to the anticipated value of the input impedance of composite materials, improving impedance matching with media like water and rubber, which offers novel insights and a theoretical foundation for the development of underwater sound-absorbing materials.