In last two chapters, both methods to harvest waste thermal energy through the conversion to electricity. In this chapter, energy storage (ES) as an alternative method to harvest waste thermal energy, especially by using phase change materials (PCMs), will be presented.ES, as suggested by the name, is to store a certain form of energy, which thus be used later when necessary. A device that can be used to store any form of energy is generally called an accumulator. There are various forms of energy, commonly including kinetic energy, potential energy (e.g., gravitational or chemical), electrical energy, thermal energy, and so on. All these forms of energy could be stored by using an appropriate method [1,2]. For instance, mechanical energy can be stored by using hydrostorage, compressed air storage, and flywheels, while electrical energy is stored by using various batteries and supercapacitors. Thermal energy storage (TES) is the main content of this chapter.This chapter is arranged as follows. A brief description on various TES conceptions, together with a comparison, will be presented first. Among them, PCMs for TES will be emphasized. After that, PCMs with their classification according to their composition will be discussed. Design criteria, heat transfer phenomena, configuration of various PCM TES systems, which have been reported in open literature, will be summarized. Specific attention will be paid to the exergy analysis. The main applications of the PCM storage systems will be listed, analyzed, and compared. Strategies that have been used to improve the performance of such storage systems will be thoroughly evaluated. It will be ended with concluding remarks and perspectives of development of this technology.