Thermal energy storage technologies based on phase‐change materials (PCMs) have received tremendous attention in recent years. These materials are capable of reversibly storing large amounts of thermal energy during the isothermal phase transition and offer enormous potential in the development of state‐of‐the‐art renewable energy infrastructure. Thermal conductivity plays a vital role in regulating the thermal charging and discharging rate of PCMs and improving the heat‐utilization efficiency. The strategies for tuning the thermal conductivity of PCMs and their potential energy applications, such as thermal energy harvesting and storage, thermal management of batteries, thermal diodes, and other forms of energy utilization, are summarized systematically. Furthermore, a research perspective is given to highlight emerging research directions of engineering advanced functional PCMs for energy applications. A comprehensive review regarding the tuning of the thermal conductivity of phase change composites for thermal energy conversion, storage, and utilization is provided, which gives an insightful understanding of the thermal energy storage and conversion processes. The aim is to stimulate potential emerging applications of phase change materials.