In this work, a bilayer shape memory polymer (SMP) composite plate with two‐way shape memory behavior is simulated, in which two types of styrene‐based SMPs with well‐separated glass transition temperatures are assembled in parallel. The finite element (FE) software ABAQUS is selected to exhibit the two‐way shape memory effect during the shape recovery step and the Generalized Maxwell Model with the WLF equation is applied to characterize the temperature‐dependent properties of the SMP bilayer plates. The effect factors of axial predeformation, thermal expansion coefficient and plate thickness are all considered for the two‐way shape memory behavior of the styrene‐based bilayer SMP plate. After that, a smart gripper composed of four SMP composite plates is proposed to realize grabbing and releasing functions for one‐step and staged heating recovery. The FE results provide some necessary theoretical guidelines for future soft smart structural designs and optimization.