Form‐stable and flexible highly thermally conductive phase change composites are crucial for thermal management. In this work, based on the associative exchangeable crosslinkers derived from the reaction of epoxidized soybean oil (ESO) and sebacic acid (SA), a kind of flexible and recyclable thermally conductive phase change composite with shape stability is prepared. The shape stabilization is achieved through the co‐cooperation of expanded graphite (EG) and the dynamic covalent crosslinking network. The thermal conductivity is enhanced by embedding with boron nitride (BN). When the mass fraction of BN is 25%, the thermal conductivity of the composite can reach 4.03 W/(m·K). The results indicate that the prepared PCMs composites have excellent flexibility and form stability, suggesting the potential application in the thermal management for electronic devices. The presence of dynamic exchangeable bonds makes the matrix degradable under mild conditions, enabling the recycling of valuable thermally conductive fillers, which proves to be highly sustainable. This work introduces a novel method for preparing flexible and recyclable thermally conductive phase change composites with shape stability vitrimer.