This research investigates the determinants that steer the incorporation of smart materials in mechanical engineering, with a keen eye on the effects of additive manufacturing (AM) abilities, attitudes toward sustainable materials, and cost-benefit evaluation (CBE). Utilizing the Technology Adoption Model (TAM) alongside the Triple Bottom Line (TBL) framework, this investigation formulates a comprehensive model that interconnects technological readiness, environmental awareness, and economic evaluation. Employing a quantitative, cross-sectional methodology, data were gathered from 385 professionals engaged in Vietnam’s mechanical engineering industry and subjected to analyses including reliability testing, exploratory factor analysis, multiple regression, and moderation analysis utilizing SPSS 20. The findings indicate that both AM capabilities (β = 0.712) and perceptions of green materials (β = 0.816) exert a significant and positive impact on the adoption of smart materials. Furthermore, CBE serves as a moderating variable (β = 0.470), enhancing the effect of environmental perceptions on adoption decisions. These results underscore the notion that technological proficiency and a commitment to sustainability foster innovation, but only when organizations recognize economic justification. The research contributes to theoretical discourse by augmenting TAM with considerations of ecological and financial dimensions, while offering practical insights for managers and policymakers seeking to harmonize sustainability with profitability in material innovation.