Shape memory polymers (SMPs) belong to a class of smart polymers, which have drawn considerable research interest in last few years because of their applications in microelectromechanical systems, actuators, for self healing and health monitoring purposes, and in biomedical devices. Like in other fields of applications, SMP materials have been proved to be suitable substitutes to metallic ones because of their flexibility, biocompatibility and wide scope of modifications. The shape memory properties of SMPs polymers might surpass those of shape memory metallic alloys (SMAs). In addition to block copolymers, polymers blends and interpenetrating network structured SMP systems have been developed. The present review mainly highlights the recent progress in synthesis, characterization, evaluation, and proposed applications of SMPs and related composites.