A novel supramolecular network has been prepared based on the formation of inclusion complexes between γ‐cyclodextrin and poly(ethylene glycol), in which the PEG chains are interlocked by γ‐CD rings. This PEG/γ‐CD network exhibits good shape memory behavior because of the crosslinked structure. The crosslinked PEG/γ‐CD inclusion complexes and PEG crystallites account for the fixing phase and reversible phase, respectively. The characteristics of the materials have been investigated by 1H NMR spectroscopy, XRD, DSC, DMA, viscosity tests, and swelling measurements.