Phase change materials possess the merits of high latent heat and a small range of phase change temperature variation. Therefore, there are great prospects for applying in heat energy storage and thermal management. However, the commonly used solid‐liquid phase change materials are prone to leakage as the phase change process occurs. To address this drawback of solid‐liquid phase change materials, researchers have developed form‐stable phase change materials. There are three main strategies for preparation of form‐stable phase change materials. The objectives of this article are: (1) The form‐stable phase change materials are classified according to the preparation strategy, and the properties of each class of form‐stable phase change materials are presented. (2) The advantages and disadvantages of form‐stable phase change materials are also discussed. (3) It is also summarized that the methods to improve the drawbacks and enhance the characteristics of form‐stable phase change materials. (4) Moreover, the multifunctional form‐stable phase change materials are also described. (5) Finally, applications of form‐stable phase change materials are analyzed and discussed.