In this paper, the effect of embedded shape memory alloy (SMA) wires on the natural frequency, flutter, limit cycle oscillation (LCO) amplitude and aeroelastic stability margin of a rectangular cantilever wing are investigated. Wings are modeled in accordance to classical plate theory (CPT) as well as first-order shear deformation plate theory (FSDT) and large deflection Von Karman plate theory. The effects of pre-strain, temperature and number of SMA wires on aeroelastic characteristics are considered. Significant improvements in aeroelastic behaviors due to the in-plane load of the SMA wires are obtained.