The work aims to prepare MPCMs/epoxy resin composite and investigate the effect of phase change microcapsules (MPCMs) on thermal conductivity and temperature regulation of epoxy resin. MPCMs/Epoxy resin composites were prepared by blending method, and the modified MPCMs/ epoxy resin composites were characterized by heat conduction, heat storage, temperature regulation and thermal stability. The thermal conductivity of MPCMs/Epoxy resin composite increased by more than 4.91 times compared with the original. The latent heat characteristic of phase change was proportional to the mass fraction of MPCMs, and had the ability of regulating temperature. MPCMs/epoxy resin composite improves the thermal conductivity of epoxy resin, maintains the phase change heat storage and temperature regulation performance of MPCMs, and has good thermal stability.