poly(ε‐caprolactone) (PCL)/ethylene‐α‐octene block copolymer (OBC)/multiwalled carbon nanotubes (MWCNTs) nanocomposite was prepared in this work. After achieving the co‐continuous phase morphology of PCL/OBC binary blend by varying the composition, MWCNTs were selectively dispersed in OBC as conductive filler to investigate the electrically responsive shape memory effect. The results indicated that the shape memory effect (SME) of PCL/OBC was sensitive to the composition of component. The optimal SME could be observed when the volume fraction of PCL and OBC was 50:50, which was applied for the further exploration of electrically responsive SME. Additionally, the MWCNTs selectively located in OBC formed percolated structure when the component of MWCNTs was 1.5 vol%, and the shape recovery ratio (Rr) increased with MWCNTs content and applied voltage. Typically, the sample exhibited the excellent electrically actuated shape memory effect when the MWCNTs loading was 5 vol%. Ultimately, it only took 30 s for the sample to achieve the 100% recoverability under 30 V. POLYM. COMPOS., 40:E1353–E1363, 2019. © 2018 Society of Plastics Engineers