A novel smart material is developed, which is synthesized by succinic anhydride, epoxy resin, and zinc acetylacetone hydrate. The smart material has excellent properties of self‐healing, shape memory, and degradation. The experimental results of performance characterization show that the material has good thermal stability. The glass transition temperature is adjustable between 100 and 120°C, and the storage modulus can reach 20 GPa. The maximum thermal expansion at 50°C is less than 15%, the thermal expansion equilibrium time at 120°C is less than 5 min, and the maximum thermal expansion is 131%. The stress relaxation time at 120°C is more than 2 h, which can slowly self‐heal on the basis of maintaining the mechanical strength. When the NaOH content is 1.5%, the degradation equilibrium can be reached in about 3 h, and the maximum degradation rate is 86%. The comprehensive performance evaluation shows that after hot rolling at 120°C/16 h, the material has no effect on the rheology and filtration properties. When plugging the fracture width of 5 × 4 mm, the pressure bearing capacity reaches 10 MPa. Its main mechanism is temperature‐sensitive expansion, and the stress relaxation effect heals and blocks the micro pore throat.