This article reviews the main progress in the development of typical thermoset shape memory polymers. Thermoset polymers are usually stronger in their microstructure than thermoplastic polymers due to their covalently crosslinked three-dimensional networks. The virtues of thermoset polymers make them great source materials for shape memory polymers. However, their three-dimensional networks endow thermoset shape memory polymers with not only high shape fixity rates and shape recovery rates but also low deformation abilities and brittleness. In the past decade, many breakthroughs have been made regarding thermoset shape memory polymers. Typical thermoset materials, such as epoxy resin, cyanate resin, thermoset polyurethane, polyimide, and polystyrene, have been studied as raw materials for shape memory polymers. Studies on thermoset shape memory polymers have been carried out to not only improve their fundamental properties (i.e. broadening of their operating temperatures and service environments and enhancing their thermal stabilities and mechanical properties) but also introduce functional performance properties (e.g. responsiveness to light, electricity, magnetism, and chemical stimuli). This article aims to present a brief review of the development of thermoset shape memory polymers, including the selection and preparation of materials, the improvement of properties, the functionalization of their composites, and their potential applications.