In this research, optical fiber sensors and shape memory alloys (SMA) were incorporated into sandwich panels for development of a smart honeycomb sandwich structure with damage detection and shape recovery functions. First, small-diameter fiber Bragg grating (FBG) sensors were embedded in the adhesive layer between a CFRP face-sheet and an aluminum honeycomb core. From the change in the reflection spectrum of the FBG sensors, the debonding between the face-sheet and the core and the deformation of the face-sheet due to impact loading could be well detected. Then, the authors developed the SMA honeycomb core and bonded CFRP face-sheets to the core. When an impact load was applied to the panel, the cell walls of the core were buckled and the face-sheet was bent. However, after the panel was heated over the reverse transformation finish temperature of the SMA, the core buckling disappeared and the deflection of the face-sheet was relieved. Hence the bending stiffness of the panel could be recovered.