Thermochromic smart windows are optical devices that can regulate their optical properties actively in response to external temperature changes. Due to their simple structures and as they do not require other additional energy supply devices, they have great potential in building energy-saving. However, conventional thermochromic smart windows generally have problems with high response temperatures and low response rates. Owing to their great effect in photothermal conversion, photothermal materials are often used in smart windows to assist phase transition so that they can quickly achieve the dual regulation of light and heat at room temperature. Based on this, research progress on the phase transition of photothermal material-assisted thermochromic smart windows is summarized. In this paper, the phase transition mechanisms of several thermochromic materials (VO2, liquid crystals, and hydrogels) commonly used in the field of smart windows are introduced. Additionally, the applications of carbon-based nanomaterials, noble metal nanoparticles, and semiconductor (metal oxygen/sulfide) nanomaterials in thermochromic smart windows are summarized. The current challenges and solutions are further indicated and future research directions are also proposed.