Reversible shape memory polymers (SRMPs) have been identified as having great potential for biomedical applications due to their ability to switch between different shapes responding to stimuli. In this paper, a chitosan/glycerol (CS/GL) film with a reversible shape memory behavior was prepared, and the reversible shape memory effect (SME) and its mechanism were systematically investigated. The film with 40% glycerin/chitosan mass ratio demonstrated the best performance, with 95.7% shape recovery ratio to temporary shape one and 89.4% shape recovery ratio to temporary shape two. Moreover, it shows the capability to undergo four consecutive shape memory cycles. In addition, a new curvature measurement method was used to accurately calculate the shape recovery ratio. The suction and discharge of free water change the binding form of the hydrogen bonds inside the material, which makes a great reversible shape memory impact on the composite film. The incorporation of glycerol can enhance the precision and repeatability of the reversible shape memory effect and shortens the time used during this process. This paper gives a hypothetical premise to the preparation of two-way reversible shape memory polymers.