Abstract Phase change materials (PCMs) utilized for thermal energy storage applications are verified to be a promising technology due to their larger benefits over other heat storage techniques. Apart from the advantageous thermophysical properties of PCM, the effective utilization of PCM depends on its life span. Moreover, PCMs which are utilized for different solar thermal energy storage applications are required longer thermal and chemical stability for the extended performance of a system. This review shows the in-depth details on thermal stability and reliability of different PCMs such as organic, inorganic, eutectics, and composites materials for heat storage applications. Different methods for measuring the thermophysical properties along with the classification of PCMs based on applications and temperature ranges have been discussed. This paper also covers the selection criteria and commercial viability of PCMs for different domestic and industrial applications. In addition to this, the effect of thermal cycle testing on the properties of different organic, inorganic, eutectic, and composite PCMs has been summarized. The present article can be highly useful for researchers and practice engineers in the areas related to thermal energy storage applications.