Phase change materials (PCMs) have drawn considerable attention in recent years due to their capability of storing and releasing thermal energy during phase transformation. However, traditional PCMs face challenges like limited thermal conductivity, leakage while phase transformation from solid to liquid, thermal degradation, and durability. Researchers have concentrated on creating shape‐stabilized PCMs (SSPCMs) employing polymers as the supporting matrix to overcome these difficulties and incorporating highly thermally conductive additives to improve thermal conductivity. Compared to conventional PCMs, polymer‐based SSPCMs are often more flexible, lightweight, and durable and may be easily customized according to specific applications. Various factors like PCM loading, thermal cyclability, cost‐effectiveness and environmental concerns must be considered while constructing polymer‐based SSPCMs. This review paper comprehensively explored various polymers, including polyurethane, polyacrylates, polyolefin, and so on, as promising supporting materials for SSPCMs due to their relatively high mechanical strength, compatibility with PCM, excellent thermal stability, and chemical resistance. Natural polymers like chitosan, cellulose, and starch are also considered for eco‐friendly solutions. We have also discussed about specific properties of each polymer, their cost‐effectiveness, and the environmental impact while developing such SSPCMs to guide researchers in material selection. Applications of polymer‐based SSPCMs in solar energy storage, medical devices, building materials, electronics, transportation industry, and waste heat recovery are briefly discussed. Finally, some future development areas have been discussed to attract the attention of new researchers in this field. The information provided in this review will assist readers in understanding polymer‐based SSPCM and selecting their desired polymer for support material with diverse application methods.