In this study, two types of smart elastomeric bearings are presented using shape memory alloy (SMA) wires. Due to the unique characteristics of SMAs, such as the superelastic effect and the recentering capability, the residual deformation in SMA-based natural rubber bearings (SMA-NRBs) is significantly reduced whereas the energy dissipation capacity is increased. Two different configurations of SMA wires incorporated in elastomeric bearings are considered. The effect of several parameters, including the shear strain amplitude, the type of SMA, the aspect ratio of the base isolator, the thickness of SMA wire, and the amount of pre-strain in the wires on the performance of SMA-NRBs is investigated. Rubber bearings are composed of natural rubber layers bonded to steel shims as reinforcement. Results show that ferrous SMA wire, FeNiCuAlTaB, with 13.5% superelastic strain and a very low austenite finish temperature (−62 °C), is the best candidate to be used in SMA-NRBs subjected to high shear strain amplitudes. In terms of the lateral flexibility and wire strain level, the smart rubber bearing with a cross configuration of SMA wires is more efficient. Moreover, the cross configuration can be implemented in high-aspect-ratio elastomeric bearings since the strain induced in the wire does not exceed the superelastic range. When cross SMA wires with 2% pre-strain are used in a smart NRB, the dissipated energy is increased by 74% and the residual deformation is decreased by 15%.