Recent advancements in phase‐change memory (PCM) technology have predominantly stemmed from material‐level designs, which have led to fast and durable device performances. However, there remains a pressing need to address the enormous energy consumption through device‐level electrothermal solutions. Thus, the concept of a 3D heater‐all‐around (HAA) PCM fabricated along the vertical nanoscale hole of dielectric/metal/dielectric stacks is proposed. The embedded thin metallic heater completely encircles the phase‐change material, so it promotes highly localized Joule heating with minimal loss. Hence, a low RESET current density of 6–8 MA cm−2 and operation energy of 150–200 pJ are achieved even for a sizable hole diameter of 300 nm. Beyond the conventional 2D scaling of the bottom electrode contact, it accordingly enhances ≈80% of operational energy efficiency compared to planar PCM with an identical contact area. In addition, reliable memory operations of ≈105 cycles and the 3‐bits‐per‐cell multilevel storage despite ultrathin (<10 nm) sidewall deposition of Ge2Sb2Te5 are optimized. The proposed 3D‐scaled HAA‐PCM architecture holds promise as a universally applicable backbone for emerging phase‐change chalcogenides toward high‐density, ultralow‐power computing units.