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This paper provides a brief review on the advanced shape memory technology (ASMT) with a focus on polymeric materials. In addition to introducing the concept and fundamentals of the ASMT, the potential applications of the ASMT either alone or integrated with an existing mature technique (such as, 3D printing, quick response (QR) code, lenticular lens) and phenomena (e.g., wrinkling and stress-enhanced swelling effect) in product design, manufacturing, and recycling are demonstrated. It is concluded that the ASMT is indeed able to provide a range of powerful approaches to reshape part of the life cycle or the whole life cycle of products.