This paper amis to improve the thermal insulating performance of insulating containers in cold chain and reduce the consumption of phase change material in short-distance cold chain.In this study, graphene modified phase change macrocapsules were blended with expanded polyurethane (EPU), and graphene modified phase change EPU was prepared as a novel insulating material. The influences of graphene on the thermal conductivity and thermal insulating were discussed, and the phase change heat transfer processes in the prepared graphene modified phase change macrocapsules and novel insulating material were analyzed based on finite element method by using COMSOL Multiphysics.The thermal conduction coefficient of the prepared insulating material increases with the adding of graphene under regular environment temperature, while this coefficient significantly decreases under frozen condition. The system thermal resistance is also improved by blending graphene. The finite element simulation results indicate that the thermal conductivity of phase change macrocapsules increases with the rise of graphene content, and the heating rate is delayed during the temperature plateau stage. This temperature plateau shows an obvious phase change process in the novel insulating material. However, the thermal conductivity of the prepared insulating material significantly increases when the phase change process complete. This transform causes a deterioration of insulating performance of insulating material. The prepared graphene modified phase change EPU can improve the thermal insulation performance of insulating containers during the design storage time and shows a broad application prospect in the short-distance cold chain of fresh fruits and vegetables.