•The synthesis methods of microencapsulated phase change materials were summarized.•The characterization of microencapsulated phase change materials were presented.•Thermal properties and reliability of microencapsulated phase change materials were discussed.•Applications of microencapsulated phase change materials were analyzed. In recent years microencapsulation of phase change materials has become popular in thermal energy storage field. Commercially produced microencapsulated phase change material (MPCM) is also available in market today. Microencapsulation enhances thermal and mechanical properties of phase change materials used in thermal energy storage. Microencapsulation can be achieved through different techniques and using different shell materials. As the microencapsulation of PCM is gaining increased attention, more and more research works on MPCM are getting published. This review attempts to summarize the available research information on synthesis, characterization, properties and applications of microencapsulated phase change materials for thermal energy storage. The synthesis methods of microencapsulated phase change materials, such as physical synthesis methods like spray drying, physical chemical synthesis methods like complex coacervation and sol–gel process, and chemical synthesis methods like suspension polymerization, emulsion polymerization, interfacial polymerization, in-situ polymerization and condensation polymerization, are presented. The properties of microencapsulated phase change materials like physical properties, chemical properties and thermal properties are analyzed. The applications of microencapsulated phase change materials in buildings, textiles, MPCM slurry and composite foams are also expounded.