Phase change materials (PCMs) have been widely recognized as efficient solutions for thermal management across various industries, including logistics, construction, electronics, and others. Nevertheless, these materials encounter challenges such as leakage, poor thermal conductivity, and supercooling. To address these challenges, a comprehensive examination was conducted on the recent advancements pertaining to silicon‐based materials. These studies include their application as high temperature PCMs, as encapsulation matrices, and their integration as additives to enhance material properties. Aluminum–silicon (Al−Si) alloys offer a viable thermal management solution for high‐temperature applications, such as those found in car batteries. Silicon dioxide (SiO2), silicon carbide (SiC), and silicate‐based minerals have demonstrated the ability to synergistically encapsulate PCMs to prevent leakage, enhance thermal conductivity, and mitigate supercooling. However, the efficacy of these strategies in reducing supercooling varies, and a considerable number of studies have reported an exacerbation. Therefore, appropriate material selection and fine tuning for formulation are necessary. This review critically assesses silicon‐based materials as a component of PCM composite that have been developed over the years. Also, it presents an academic analysis of the selection of silicon‐based materials and the design strategy for PCM composites to optimize PCM formulations according to specific desired properties.