We added microencapsulated phase change materials (MPCMs) into the homemade antifreeze fluid to take advantage of the latent heat of phase change materials, and explored the possibility of solving the cold start problem of proton exchange membrane fuel cells (PEMFC) with variable specific heat capacity antifreeze. The physical and chemical properties of the MPCMs and their suspensions were tested, and a PEMFC platform for cold start with a thermal management system was established to compare the exothermic performance of MPCS and commercial antifreeze fluid. According to the output voltage, temperature and polarization curves before and after cold start, the MPCMs has a stronger heat transfer capacity than the commercial antifreeze fluid, and the addition of MPCMs can transform the latent heat generated during the phase transition into apparent specific heat capacity, leading to a better solution to the problem of PEMFC cold start.