Bio‐based blends of commercially available polyester based bio thermoplastic polyurethane (TPU) and castor oil based polyamide 11 (PA11) of different ratios are prepared by melt processing. The blends properties such as shape memory behavior through unconstrained and constrained recovery, interfacial interaction, morphology, dynamic mechanical, rheological, and mechanical behavior are studied. A strong interface between the two polymeric phases due to hydrogen bonding observed through morphology indicates that TPU and PA11 are well compatible. The complex viscosity of blends ranges between that of neat PA11 and TPU. Thermal analysis shows that higher the TPU content lower the melting point (Tm) corresponding to PA11 and the crystallization temperature (Tc) remains unaltered. Adding TPU to PA11 ductility and impact strength of the blends increases significantly with the small reduction in their tensile strength. Shape memory behavior investigation reveals that, blends recover almost 95% of the applied deformation when heated at zero load and they recovered a stress of 1.8–3.2 MPa in constrained recovery during three consecutive thermomechanical cycles. The reported results on bioalloys promotes the usage in multidisciplinary field of intelligent devices, such as ergonomic grips and sports shields. © 2017 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2017, 134, 44794.