Packed bed thermal energy storage (PBTES) is an essential means to solve the temporal difference and continuity between energy supply and utilization in the fields of concentrating solar power, compressed‐air energy storage, and waste heat recovery. In this paper, to solve the imperfection and inaccuracy of the current energy model, a precise transient two‐dimensional multiequation model is developed. The model comprehensively considers thermal dispersion, wall effects, thermophysical property changes, and other factors. Experiments are performed to compare and validate the simulation results, and the simulation error is −4.5% to 1.9%, achieving excellent simulation accuracy. Also, the wall effect on the PBTES is observed, and the gas‐solid temperature fields exhibit an evident nonuniform oscillation distribution in the radial direction. The effects of storage tank length, thermophysical properties, particle diameter, and gas‐solid initial temperature on the heat release rate are discussed in detail. Results indicated that decreasing the tank length, increasing the gas‐solid temperature difference, and particle materials with high thermal diffusivities can increase the heat release rate, and a clear linear change was found. Particularly because a larger range of particle diameter variation is considered, the heat release rate is shown to vary nonlinearly with particle diameter, and the selection of the optimal diameter must comprehensively consider the effects of the heat capacity and the heat transfer rate. This study provides a theoretical basis for the design of thermal energy storage systems.