Given the ever-increasing demand for energy and the limited nature of fossil fuel resources, improving energy efficiency and storage has become one of the most significant challenges facing humanity. Phase Change Materials (PCMs), substances capable of absorbing and releasing thermal energy at a constant temperature, have emerged as an innovative solution in the field of energy storage. With their high latent heat capacity, ability to maintain a stable temperature, and environmental friendliness, PCMs have great potential for applications in various industries. However, their low thermal conductivity, especially in organic PCMs, has hindered their widespread use. To address this challenge, researchers have been exploring various methods to enhance the thermal properties of PCMs. One of the most effective approaches involves incorporating high thermal conductivity nanoparticles into the PCM matrix. This research comprehensively reviews recent advancements in the preparation and applications of nanoparticle-enhanced phase change materials. It delves into various types of nanoparticles used, production methods for nanocomposites, the impact of nanoparticles on the thermal and mechanical properties of PCMs, the stabilization of nanocomposites with surfactants and surface modification, and also their potential applications in diverse industries. The results of this study indicate that the use of nanoparticles can significantly improve the thermal conductivity of PCMs, with carbon-based nanofillers showing the highest impact. Additionally, nanoparticles have led to a relative reduction in the phenomenon of supercooling in PCMs. Based on the results of numerous studies, nanoparticle-enhanced phase change materials hold great promise for improving the performance of energy storage systems, reducing energy consumption in various industries, and fostering the development of sustainable technologies. These nanocomposites can be employed in the construction, automotive, electronics, and textile industries to create more comfortable environments, enhance energy efficiency, and reduce greenhouse gas emissions. Continued research in this field is expected to lead to the development of even more efficient PCMs with a broader range of applications.