ABSTRACT In this study, a three‐dimensional printing technique is applied for the fabrication of novel functionally graded magnetic shape memory polymers (SMPs) to create high‐resolution multimaterial shape memory architectures. This approach is applied to a copolymer network of photocurable methacrylate using high projection stereolithography. Carbonyl iron particles (CIPs) were physically embedded in a polymer matrix to add magnetic functions to the SMPs. The glass transition characteristics and shape memory effect were also investigated by varying the composition of the SMP. The microstructured, lightweight SMPs showed interesting shape memory behaviors, as observed in hot environment. The almost perfect strain recovery rate of poly(ethylene glycol) dimethacrylate was measured (99.95% using a tension set bar). The results of dynamic mechanical analysis and thermogravimetric analysis reveal an increment in the thermal conductivity after embedding the CIPs. Further, the results of dynamic mechanical analysis, differential scanning calorimetry, and scanning electron microscopy reveal close interaction between the particles and matrix. X‐ray diffraction was used to characterize the iron particles and polymer structure. These results, along with the electrical and magnetic tests, strongly support the remote controllability of the material properties of the present functionally graded magnetic SMPs for a broad range of temperature and/or magnetically responsive material applications by using eddy current heating and/or magnetorheological polymeric effects. © 2017 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2018, 135, 45997.