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Use of phase change materials (PCMs) currently is a very attractive and feasible technique for thermal energy conservation. Phase change material is a substance which has ability to store and release large amount of energy in the form of latent heat of fusion. These materials undergo solid-liquid phase transformation & vice versa at a particular temperature within the range of a selected thermal application. The amount of energy absorbed or released during the process of phase transformation is entirely dependent on the value of material’s latent heat of fusion and the mass of material being used. The process of storing and releasing energy is transient phenomena. PCMs can be used for both energy conservation and thermal management but the major issue is the proper selection of PCM and the amount of PCM to be used for the particular application. The selected material should be stable both chemically and physically over repeated no. of thermal cycles, also it should be compatible with most of the materials, non-flammable, high latent heat of fusion, high thermal conductivity and high specific heat.