SMAs are unique materials characterized by their 'Superelasticity' (pseudoelasticity) and 'Shape Memory Effect.' Its unusual properties have led to its use in various fields of science. However, its mechanical advantages are not fully exploited due to its price and lack of data. SMAs are not adopted widely in industries due to the scarcity of manufacturing knowledge. Potential uses for them came in the form of reinforcements in composites. The rapidly growing field focuses on the incorporation of Shape Memory Alloy wires, ribbons, fibres, and powders in polymer or metal matrices. Its effect on static and dynamic material properties is also of great importance, especially when it comes to incorporating it into modern-day applications. Hence, this paper deals with a summary of all those properties. Furthermore, the article touches upon the possible applications of Shape Memory Alloy Reinforced Composites in the real world and their potential scope in the future.