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The inherent capability to deform and reform in a predefined environment is a unique property existing in shape memory polyurethane. The intrinsic shape memory ability of the polyurethane is due to the presence of macro domains of soft and hard segments in its bulk, which make this material a potential candidate for several applications. This review is focused on manifesting the applicability of shape memory polyurethane and its composites/blends in various domains, especially to human health such as shielding of electromagnetic interference, medical bandage development, bone tissue engineering, self-healing, implants development, etc. A coherent literature review highlighting the prospects of shape memory polyurethane in versatile applications has been presented.