Due to growing consciousness regarding the environmental impact of fossil-based and non-sustainable materials in construction and building applications, there have been an increasing interest in bio-based and degradable materials in this industry. Due to their excellent chemical and thermo-physical properties for thermal energy storage, bio-based phase change materials (BPCMs) have started to attract attention worldwide for low to medium temperature applications. The ready availability, renewability, and low carbon footprint of BPCMs make them suitable for a large spectrum of applications. Up to now, most of the BPCMs have been incorporated into inorganic matrices with only a few attempts to set the BPCMs into bio-matrices. The current paper is the first comprehensive review on BPCMs incorporation in wood and wood-based materials, as renewable and sustainable materials in buildings, to enhance the thermal mass in the environmentally-friendly buildings. In the paper, the aspects of choosing BPCMs, bio-based matrices, phase change mechanisms and their combination, interpretation of life cycle analyses, and the eventual challenges of using these materials are presented and discussed.