Phase change materials (PCM) are materials with the ability to store a large amount of energy (latent heat) during their change from solid to a liquid phase. This takes place at a certain melting temperature. Amid the global energy crisis, multiple applications of these materials have been studied at the theoretical, numerical and experimental approach, obtaining promising results in terms of an increase in the efficiency of these systems. However, the application of these materials is being studied since there are no rules or predictions of the feasibility of its application in diverse weather conditions. The tropical climate condition is one of the least studied in this context. In this work, a review of the main findings of recent studies conducted in tropical climate conditions is presented. Additionally, an analysis of the main challenges and opportunities of the application of PCM in the climate of Panama is performed. It was concluded that some applications in passive cooling and solar water heating systems might have the potential for their implementation. However, further studies are required to take into account other applications.