The work aims to summarize the research status of the paraffin phase change microcapsules in the main application fields of phase change temperature control, energy utilization and heat exchange, and prospect the future application and development, aiming at providing some research ideas for the study on the modification of paraffin microcapsules. Based on the analysis and summary of the literature related to the paraffin microcapsule material at home and abroad in recent years, the paraffin microcapsule material was reviewed mainly from its preparation and modification methods. The wall material structure and core material composition of paraffin microcapsules had a very important influence on the thermal properties. The thermal properties of paraffin microcapsules were improved by the modification of wall and core materials. The modified paraffin microcapsules can achieve higher thermal properties and meet the requirements of more thermal applications. With great potentialities, they can be more extensively applied in the main fields, but there are still some problems to be solved.