Phase change materials (PCMs) can alleviate concerns over energy to some extent by reversibly storing a tremendous amount of renewable and sustainable thermal energy. However, the low thermal conductivity, low electrical conductivity, and weak photoabsorption of pure PCMs hinder their wider applicability and development. To overcome these deficiencies and improve the utilization efficiency of thermal energy, versatile carbon materials have been increasingly considered as supporting materials to construct shape‐stabilized composite PCMs. Despite some carbon‐based composite PCMs reviews regarding thermal conductivity enhancement, a comprehensive review of carbon‐based composite PCMs does not exist. Herein, a systematic overview of recent carbon‐based composite PCMs for thermal storage, transfer, conversion (solar‐to‐thermal, electro‐to‐thermal and magnetic‐to‐thermal), and advanced multifunctional applications, including novel metal organic framework (MOF)‐derived carbon materials are provided. The current challenges and future opportunities are also highlighted. The authors hope this review can provide in‐depth insights and serve as a useful guide for the targeted design of high‐performance carbon‐based composite PCMs.