Phase change materials (PCMs) are used as latent heat thermal energy storage materials. The fields of application for PCMs are broad and diverse. Among these areas are thermal control of electronic components and thermal building regulations. These areas are used as heat and cold storage materials. The low thermal conductivity of PCMs is one of the significant and severe technological problems of PCMs. This paper presents a review of the latest works using PCMs in the thermal management of electronic components, buildings, and heat exchangers. Besides, it provides concise pieces of information on the classification of PCMs, their advantages, disadvantages, and thermal storage systems.