In this work, poly(vinyl alcohol) (PVA) biocomposites with regenerated cellulose-softwood pulp (RC-SP) as a green reinforcement were prepared via co-precipitation method. Simultaneous precipitation of the two components promotes uniform dispersion of the RC-SP and constructs strong molecular chain entanglements and hydrogen bonding network inside the composites. This physical cross-linking network reduces the water absorption and improves the water resistance of the composites. The incorporation of RC-SP not only improves the thermal decomposition properties of the composites, but also enhances the mechanical properties and dynamic mechanical properties, attributed to the strong interaction between the filler and the matrix. Moreover, the fabricated PVA/RC-SP composites exhibit good water-induced shape memory effect, and shape recovery rate of 10% RC-SP reinforced composite reaches 95.3% after immersing for 35 min. This work provides useful information for the implementation of co-precipitation method and the application of renewable cellulose resources.