Low thermal conductivity is the major obstacle for the wide range utilization of phase change materials (PCMs), especially organic PCMs, for most practical applications in thermal engineering. This study investigates the potential of enhancing the charging and discharging rates of organic PCM (RT44HC) by introducing polyethylene glycol (PEG) and activated carbon macroparticles (ACMPs). Different concentrations of PEG and ACMPs ranging from 0.3 wt% to 2 wt% were tested separately. The optimized concentrations found were used as dual reinforcements to attain the highest possible thermal conductivity. The specimens were tested for a complete charging–discharging cycle using an improvised thermal apparatus. Use of ACMP alone resulted in a minimal reduction in complete charging–discharging time due to the settlement of ACMPs at the bottom after 2–3 heating–cooling cycles. However, the addition of PEG with ACMPs exhibited a reduction in charging–discharging time due to the formation of a stable dispersion. PEG served as a stabilizing agent for ACMPs. The lowest charging–discharging time of 180 min was exhibited by specimens containing 1 wt% PEG and 0.5 wt% ACMPs which is 25% lower compared to bare PCM.