The development of shape-memory polymer composites (SMPCs) enables high recovery stress levels as well as novel functions such as electrical conductivity, magnetism, and biofunctionality. In this review chapter the substantial enhancement in mechanical properties of shape-memory polymers (SMPs) by incorporating small amounts of stiff fillers will be highlighted exemplarily for clay and polyhedral oligomeric silsesquioxanes (POSS). Three different functions resulting from adding functional fillers to SMP-matrices will be introduced and discussed: magnetic SMPCs with different types of magnetic nanoparticles, conductive SMPCs based on carbon nanotubes (CNTs), carbon black (CB), short carbon fiber (SCF), and biofunctional SMPCs containing hydroxyapatite (HA). Indirect induction of the shape-memory effect (SME) was realized for magnetic and conductive SMPCs either by exposure to an alternating magnetic field or by application of electrical current. Major challenges in design and fundamental understanding of polymer composites are the complexity of the composite structure, and the relationship between structural parameters and properties/functions, which is essential for tailoring SMPCs for specific applications. Therefore the novel functions and enhanced properties of SMPCs will be described considering the micro-/nanostructural parameters, such as dimension, shape, distribution, volume fraction, and alignment of fillers as well as interfacial interaction between the polymer matrix and dispersed fillers. Finally, an outlook is given describing the future challenges of this exciting research field as well as potential applications including automotive, aerospace, sensors, and biomedical applications.