Shape-memory polymers (SMPs) possess unique properties that respond to external stimuli. The current review discusses types of SMPs, fabrication methods, and the characterization of their mechanical, thermal, and shape recovery properties. Research suggests that SMP composites, when infused with fillers, demonstrate enhanced mechanical and thermal characteristics. On the other hand, blends, particularly incorporating polylactic acid (PLA), exhibit the most efficient shape recovery. Furthermore, the crosslinking density in polymer blends impacts the shape recovery force, showcasing a correlation between energy storage capacity and shape recovery force in SMP networks. Overall, SMP blends show promising mechanical, thermal, and shape recovery features, rendering them advantageous for applications of artificial muscles, soft actuators, and biomedical devices. This review also discusses the future prospectives of SMP for robust applications.