Employment of compound parabolic concentrator (CPC) solar collector with evacuated tubes enables effective collection of solar energy. The main objective of the present experimental work is to investigate thermal performance of CPC solar collector coupled with sensible and latent heat thermal energy storage (TES) system. Depending on obtained thermal stratification in sensible TES system, a commercial phase change material (PCM)—OM 65 has been selected and packed only at top quarter section of the TES system. Results showed an appreciable cumulative energy storage of 21 MJ d−1 due to existence of desired temperature driving potential during charging. A higher thermal stratification has been achieved in latent heat TES system, reducing the “MIX” number and supplying the heat transfer fluid at lower temperature to the collector. Due to enhanced useful heat energy gained, thermal efficiency of CPC collector reaches a maximum of 49% while coupling with latent heat TES system. The outcome of the study highlights the potential role of CPC and PCMs in solar thermal system, particularly for water heating applications.