The photoelastic model material with shape memory effect and the molding processes for the material are developed in this research. The matrix and fiber of the photoelastic model material developed in this research are epoxy resin (Araldite to hardner 10 to 3 (weight ratio)) and wire of $Ti_50-Ni_50$ shape memory alloy, respectively. It is called Ti50-Ni50 Shape Memory Alloy Fiber Epoxy Composite $(Ti_50-Ni_50SMA-FEC).$ Ti50-Ni50 SMA-FEC is satisfied with the requirements of the photoelastic model material and can be used as a photoelastic model material. The maximum recovering strain of $Ti_50-Ni_50$SMA-FEC is occurred at $80^{circ}C$ in any prestrain of $Ti_50-Ni_50$ shape memory alloy fiber and in any fiber volume ratio. Recovering strain(force) is increased with the increment of the prestrain and the fiber volume ratio. The best prestrain of $Ti_50-Ni_50$SMA-FEC is 5% for the recovering force among 1%, 3%, 5%.