The PZT/SMP composite material, combining piezoelectricity and shape memory effects, has emerged as a novel multifunctional smart material and has gained significant attention. The establishment of an effective constitutive model, describing the mechanical properties of the composites, holds tremendous importance in both theoretical and engineering realms. This study aims to develop a model to investigate the mechanical properties of PZT/SMP composites. By incorporating the deformation mechanisms of the PZT/SMP composites and the theories of viscoelasticity, the constitutive equation for PZT/SMP composites has been established. Based on composite material theory and the properties of transversely isotropic materials, combined with the material parameter equations for SMP, the material parameter equations of PZT/SMP composites have been established. Using the polarization direction of the composite material as an example, we conduct simulation analyses on PZT/SMP composites with various volume fractions of PZT particles by using the developed constitutive model. The variations in material parameter performance, piezoelectric performance, and shape memory performance are investigated. The simulation results demonstrate that an increase of PZT content in the PZT/SMP composite enhances both the piezoelectric and mechanical properties of the composite material, which significantly influences the shape memory process.