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Phase change materials (PCMs) are currently an important class of modern materials used for storage of thermal energy coming from renewable energy sources such as solar energy or geothermal energy. PCMs are used in modern applications such as smart textiles, biomedical devices, and electronics and automotive industry. These materials accumulate thermal energy in the form of latent heat of phase transition that provides a greater energy storage density with a smaller temperature difference between storing and releasing heat, compared to the sensible heat storage method. Since the 1980s, different groups of materials have been investigated as potential phase change materials, including salts and salt hydrates, paraffins, saturated fatty acids, and polymeric materials, for example, poly(ethylene glycol). Recently, a growing interest in application of nanotechnology and nanomaterials to improve properties, usability, and processability of PCMs has been observed. This chapter reviews the current state of the art in nanotechnology and nanomaterials application for phase change materials to develop composites with improved product performance and safety.