Shape Memory Alloys (SMA’s), also known as Smart Materials, have surfaced as a focal point in advanced material research due to their ability to regain a specific shape. This comprehensive review encapsulates a concise overview of shape memory material and its properties. Generalized classification of Shape memory alloy with a focus on Nitinol and Copper-based SMAs has been presented. Significant phenomena namely pseudoelasticity and Shape memory effect have been explored. Various applications of shape memory alloys have been mentioned, emphasizing their application in Extraterrestrial roving missions. In the end, an articulated conclusion and future scopes for Shape Memory Alloys have been presented.