The rapid development of additive manufacturing and advances in shape memory materials have fueled the progress of four-dimensional (4D) printing. With the right external stimulus, the need for human interaction, sensors, and batteries will be eliminated, and by using additive manufacturing, more complex devices and parts can be produced. With the current understanding of shape memory mechanisms and with improved design for additive manufacturing, reversibility in 4D printing has recently been proven to be feasible. Conventional one-way 4D printing requires human interaction in the programming (or shape-setting) phase, but reversible 4D printing, or two-way 4D printing, will fully eliminate the need for human interference, as the programming stage is replaced with another stimulus. This allows reversible 4D printed parts to be fully dependent on external stimuli; parts can also be potentially reused after every recovery, or even used in continuous cycles—an aspect that carries industrial appeal. This paper presents a review on the mechanisms of shape memory materials that have led to 4D printing, current findings regarding 4D printing in alloys and polymers, and their respective limitations. The reversibility of shape memory materials and their feasibility to be fabricated using three-dimensional (3D) printing are summarized and critically analyzed. For reversible 4D printing, the methods of 3D printing, mechanisms used for actuation, and strategies to achieve reversibility are also highlighted. Finally, prospective future research directions in reversible 4D printing are suggested.