The interaction of microencapsulated phase change materials (PCMs) with polymeric chemical additives in an air lime binding matrix was studied. These polymer-based additives included an adhesion booster (derived from starch) and a superplasticizer (polycarboxylate ether). Two different PCMs with melting points of 18 °C and 24 °C were assayed. The microcapsules were composed of melamine, with paraffin-based PCM cores. Measurements of zeta potential, particle size distribution, adsorption isotherms, and viscosity analyses were performed to comprehend the behavior of the polymer-based additives within the air lime matrix and their compatibility with PCMs. Zeta potential experiments pointed to the absence of a strong interaction between the lime particles and the microcapsules of PCMs. At the alkaline pH of the lime mortar, the negative charge resulting from the deprotonation of the melamine shell of the microcapsules was shielded by cations, yielding high positive zeta potential values and stable dispersions of lime with PCMs. The polycarboxylate ether demonstrated the ability to counteract the increase in mixing water demand caused by the PCM addition in the lime matrix. The dispersing action of the superplasticizer on the lime particles was seen to exert a collateral dispersion of the PCMs. Conversely, despite the positive values of zeta potential, the addition of the starch-based additive resulted in the formation of large PCM-lime clumps. Air lime renders incorporating 5, 10, and 20% PCMs by weight with various dosages of these chemical additives were experimented with until the optimal formulation for the specific application of the mortars as renderings was achieved. This fine-tuned formulation effectively tackled issues commonly associated with the addition of PCMs to mortars, such as poor adhesion, crack formation, and reduced fluidity.