Shape memory polymers (SMPs) are intelligent class of polymers that change shape in response to an appropriate stimulus. Or, in other words, SMPs are highly deformable materials that can be pre-programmed to memorize and recover from a temporary shape and return to their original form when triggered with an external stimulus. Due to their attractive properties, such as minimal toxicity, biocompatibility, biodegradability, and tunable properties, SMPs find great application in biomedical field. This chapter details the different types of SMPs and the factors that determine and influence the shape memory effect of polymers. Moreover, the molecular mechanism underlying the shape memory effect, the steps of shape memory cycle, and the biomedical and other applications of the SMPs are discussed in detail with suitable examples.