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We present a novel method for computational design of adaptive shape‐memory alloy (SMA) structures via topology optimization. By optimally distributing a SMA within the prescribed design domain, the proposed algorithm seeks to tailor the two‐way shape‐memory effect (TWSME) and pseudoelasticity response of the SMA materials. Using a phenomenological material model, the thermomechanical response of the SMA structure is solved through inelastic finite element analysis, while assuming a transient but spatially uniform temperature distribution. The material distribution is parameterized via a SIMP formulation, with gradient‐based optimization used to perform the optimization search. We derive a transient, bilevel adjoint formulation for analytically computing the design sensitivities. We demonstrate the proposed design framework using a series of two‐dimensional thermomechanical benchmark problems. These examples include design for optimal displacement due to the TWSME, and design for maximum mechanical advantage while accounting for pseudoelasticity.