Phase change materials are highly effective in improving the thermal efficiency of a heat exchanger, making them a choice for enhancing renewable energy to achieve a feasible environment. In this study, we used myristic acid (MA) as a phase change material and aluminium oxide (Al2O3), copper oxide (CuO) (2.5, 5, 10 wt %) and (1.0, 1.5, 2 wt %) of multi-walled carbon nanotubes (MWCNT) were used as a nanoparticle to produce MA-embedded nanocomposite phase change material (NCPCM). The characterisation study was performed on nanocomposite phase change materials including field emission scanning electron microscope, Fourier transform infrared spectroscopy, thermal Conductivity, and X-Ray diffraction. In addition, a Computational Fluid Dynamics (CFD) analysis was conducted to assess the impact of NCPCM on the rates of solidification and melting. The field emission scanning electron microscopy analysis confirms the homogeneous distribution of micro/nanoparticles Al2O3, CuO, and MWCNT with MA. X-ray diffraction (XRD) analysis revealed the crystalline nature of the nanocomposite. Fourier transform infrared spectroscopy (FTIR) results indicated that the graph displayed solely a physical interaction between nanocomposite and myristic acid. Higher concentration levels of NCPCM were found to have positive effects on the Heat Transfer Rate (HTR). The thermal performance of MWCNT-embedded MA was found to be superior to that of aluminium oxide and copper oxide.