Thermal energy storage technology is an important topic, as it enables renewable energy technology to be available 24/7 and under different weather conditions. Phase changing materials (PCM) are key players in thermal energy storage, being the most economic among those available with adjustable thermal properties. Paraffin wax (PW) is one of the best materials used in industrial processes to enhance thermal storage. However, the low thermal conductivity of PW prevents its thermal application. In this study, we successfully modified PW based on multi-walled carbon nanotubes (MWCNT) with different concentrations of TiO2—3, 5 and 7 wt.%. The morphology of PCM and its relationship with the chemical structure and stability were characterized using scanning electron microscopy (SEM), Fourier transform infrared (FTIR) and Thermogravimetric analysis (TGA). As a result, the composites achieved a highest latent heat enthalpy of 176 J/g, in addition to enhanced thermal stability after 15 thermal cycles, and reliability, with a slight change in latent heat observed when using a differential scanning calorimeter (DSC). The thermal conductivity of the composites could significantly be enhanced by 100%. Compared to pure paraffin, the PCM composites developed in this study exhibited an excellent preference for thermal energy storage and possessed low cost, high reliability, and phase change properties.