Structural reorientations in metallic fcc nanowires are controlled by a combination of size, thermal energy, and the type of defects formed during inelastic deformation. By utilizing atomistic simulations, we show that certain fcc nanowires can exhibit both shape memory and pseudoelastic behavior. We also show that the formation of defect-free twins, a process related to the material stacking fault energy, nanometer size scale, and surface stresses is the mechanism that controls the ability of fcc nanowires of different materials to show a reversible transition between two crystal orientations during loading and thus shape memory and pseudoelasticity.