Shape‐memory polymers (SMPs) are an emerging class of active polymers that can be used on a wide range of reconfigurable structures and actuation devices. In this study, an epoxy‐based SMP was synthesized, and its thermomechanical behaviors were comprehensively characterized. The stress–strain behavior of the SMP was determined to be nonlinear, finite deformation in all regions. Strain‐energy‐based models were used to capture the complicated stress–strain behavior and shape‐recovery response of the SMP. Among various strain energy functions, the stretch‐based Ogden model provided the best fit to the experimental observations. Compared to the sophisticated models developed for SMPs, the strain‐energy‐based model was found to be reliable and much easier to use for practical SMP designs. © 2015 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2015, 132, 41861.