A shape memory fiber was prepared and a corresponding shape memory fabric was fabricated by knitting using the prepared shape memory fiber. Both the fiber and fabric showed good shape memory properties. The prepared fiber had much higher mechanical strength than that of corresponding shape memory films due to molecular orientation caused by the spinning process. The biological evaluations of the prepared shape memory fabric were preliminarily assessed in terms of cytotoxicity, hemolysis, sensitization and dermal irritant. The test results show that the shape memory fabric is not cytotoxic, hemolytic, sensitive, or irritant. Due to the special format of shape memory fiber/fabric being more compatible with human bodies compared with shape memory films or bulks, the shape memory fiber/fabric may find broad application in biomedical areas such as artificial tendon, artificial cornea, hernia repair, artificial bone joints, orthodontics, scaffold material, and wound dressing.