In recent years, there has been significant progress in the development and application of phase change materials (PCMs) for thermal energy storage. The new lauric acid (LA)/polyvinyl butyral (PVB)/graphene nanoplates (GNP) composite phase change materials (CPCM) are prepared using the solution blending method, in which LA acts as PCM, PVB serves as support material, and GNP is used as thermally conductive enhancer. The prepared CPCM with 80 wt% LA can retain stable shape without leakage. The Fourier‐transform infrared and X‐ray diffractometer results indicate that there is no chemical reaction among the various components of the CPCM. The differential scanning calorimeter results show the CPCM3 (with 80 wt% LA and 5 wt% GNP) has melting latent heat of 134.41 KJ Kg−1 with melting temperature of 41.73 °C. The thermal conductivity tests present that thermal conductivity of CPCM3 is 0.689 W (m K)−1, which is 3.83 times that of the PCM2. The thermogravimetric analyzer results verify that the CPCM possess good thermal stability within the operating temperature range of 35–45 °C without any degradation. The thermal cycling tests indicate that CPCM have good thermal reliability. Therefore, it has promising applications in building energy conservation, solar thermal systems, thermal management, and textiles.