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The storage and utilization of waste heat in low and medium temperature ranges using phase change materials (PCMs) is an effective technology to improve energy utilization efficiency in combined cooling, heating, and power (CCHP) systems. In this paper, stearic acid/inorganic porous matrix phase change composites were developed to store waste heat for hot water systems. Among them, stearic acid/expanded graphite (EG) phase change composite was highlighted and the thermal physical properties, the dynamic response, and the long-term cyclic stability were evaluated. The stearic acid concentrations in the composites were over 95 wt%. The thermal diffusion coefficients were 3–5 times higher than pure stearic acid, independent of composite densities. Accordingly, the heat storage and release times were decreased by up to 41% and 55%, respectively. After 100 cycles, the composites maintained good dynamic response and long-term cyclic stability, with heat storage density of 122–152 MJ/m³. Hence, this stearic acid/EG phase change composite exhibits excellent comprehensive performances. It is also easy to be prepared and flexible for various types of heat exchangers.