Thermal energy storage by using phase change materials (PCMs) is a kind of technology with mature development, simple process and high thermal energy storage density. Its basic homothermal heat storage and release process can reduce the loss of energy quality and has broad application prospects. Focusing on the key materials involved in phase change thermal energy storage technology, this paper introduced the advantages and disadvantages of various phase change materials under different application conditions, and summarized the applications of phase change thermal energy storage materials in waste heat recovery and utilization, solar thermal conversion storage, battery thermal management, building energy conservation and so on. In addition, the research progress in preventing the leakage of PCMs during the phase change process, improving the thermal conductivity of PCMs, and reducing the supercooling and corrosion effects of PCMs were summarized. Considering that the application of thermal energy storage by using PCMs contributes to the goals of energy conservation and carbon reduction, it is necessary to continue the research and development of thermal energy storage materials and continuously improve the comprehensive properties of thermal energy storage materials.