PCL (polycaprolactone) is a biodegradable material exhibiting biodegradability and low processing temperature characteristic. NR (natural rubber) is a bio-based natural material without relying on petroleum resources. Shape memory NR/PCL bio-based blends, where NR served as the reversible phase and PCL served as the switching phase, were prepared using a melt blending process. This work aims to further understand the various properties of NR/PCL eco-shape memory blends and foams. Only very limited NR/PCL blends were evaluated in the literature, but rare on their shape memory properties and fracture behaviors. In particular, the effect of crosslinking degree will affect the shape fixing and recovery behaviors in the different phases of the foam blends. The blend of NR and PCL could form thermoplastic elastomeric bio-based blends for processing flexibility with elastomeric characteristics. The effect of crosslinking types including silane and sulfur on the thermal characterizations besides the one-way and two-way shape memory behaviors will be discussed. NR appeared to exhibit two-way shape memory behavior, but the addition of PCL greatly increased the actuation. This work paves the way for new development on the bio-based shape memory polymer blends.