<p>The present work takes an overarching look on how particles can alter the functional and structural properties of shape memory alloys (SMAs). We consider precipitates which form in binary and ternary NiTi-based alloys, including the high-temperature SMAs NiTiHf and NiTiZr. We also take a look at precipitates which form in Cu–Al–Zn, Cu–Al–Ni, and Co–Ni–Ga–SMAs. We take these alloy systems as examples to review different effects of particles on local alloy chemistry and local stress and strain states at particle/matrix interfaces. Their influence on the nucleation and growth of martensite and on the propagation of a martensitic transformation front is discussed, and the consequences for macroscopic functional and structural properties like phase transformation temperatures and widths of thermal hysteresis are highlighted. Emphasis is also placed on particles which form because elements like C and O are picked up during alloy production and affect functional and structural properties. Finally, it is suggested to take a look at additive manufactured SMAs with added inert nano/micro-particles, which would facilitate the investigation of the mechanical constraints, and which may lead to SMAs with improved structural and functional properties.</p>