Shape memory alloy (SMA) is an innovative intelligent material, capable of restoring its shape before deformation upon reaching the critical activation temperature. This property promotes its promising applications in civil engineering. This paper proposes a novel reinforcement method and aims to investigate the reinforcing effect of iron-based shape memory alloy (Fe-SMA) plates on prestressed concrete (PC) beams through four-point bending tests on one reference beam without reinforcement and three Fe-SMA reinforced beams, as well as with three beams reinforced by carbon fiber-reinforced polymer (CFRP). The results show that Fe-SMA can effectively reduce concrete cracks, and improve stiffness and characteristic loads of beams without negative effects. Under the same loading conditions, new cracks of Fe-SMA reinforced beams were relatively fewer than those of CFRP reinforced beams. Besides, Fe-SMA exhibited superior performance when utilizing the same cross-sectional reinforcement material to enhance the bending capacity of beam, and proved more advantageous for improving stiffness and characteristic loads of beam under the identical initial tensile force. Furthermore, the reinforcing effectiveness of Fe-SMA positively correlates with the cross-sectional area (thickness) and recovery stress (pre-stretch level and activation temperature) of Fe-SMA. Increasing the thickness of Fe-SMA plates by 100%, while maintaining other parameters constant, resulted in a 33% increase in cracking load. Similarly, elevating the recovery stress from 314 MPa to 340 MPa led to a 12.5% rise in cracking load. This paper investigates the reinforcement effect of Fe-SMA plates on PC beams, and provides a reference for the application of Fe-SMA in PC beam reinforcement, laying a foundation for promoting the utilization of Fe-SMA in civil engineering.