The worldwide population growth and its increasing affluence have led to an increase in global building energy consumption. Therefore, developing sustainable energy storage materials to mitigate this problem has become a high priority for many researchers. Organic phase change materials (PCMs), such as fatty acids, have been extensively studied for thermal energy storage in building applications due to their excellent performance in absorbing and releasing energy within the environment temperature ranges. However, issues related to their thermal conductivity, stability, and flammability could limit the potential and require addressing. In this review, organic PCMs, with a special focus on fatty acids, are discussed. This review covers recent studies related to PCM synthesis from bio-sources, methods for PCM incorporation in building materials, methods for enhancing organic PCM thermal properties, flammability challenges, and life cycle assessment. Finally, future opportunities are summarized.