In this work, a shape-memory thin-walled circular structure was proposed. The structure was processed based on the 3D printing technique of fused deposition modeling. The shape memory thermoplastic polyurethane was used as the shape-memory material. After the progressive collapse during the quasi-static compression (2 mm/min), it was observed that the recovering behaviors were triggered by heating at 55 °C. Focusing on reversible energy absorption, compressive force responses were investigated under different cycles and ambient temperatures. With increasing cycles, the specific energy absorption showed a decreasing tendency and then converged. At ambient temperatures of 20 °C and 40 °C, the shape-memory thin-walled circular structure presented the progressive collapse mode during compression. While brittle fracture failure occurred due to the cold brittleness of the shape memory polymer at ambient temperatures of 0 °C, −20 °C, and −40 °C. The study offered new insights into designing 3D-printed thin-walled structures that could show reversible energy-absorbing capacity and great potential for engineering application.