This paper describes a transient cooling technology for electronic equipments using phase-change material (PCM). The module is made of low-cost materials, yet it is designed to achieve a reasonably high level of heat transfer performance. Paraffin is used as the PCM. In previous our report, we can estimate the cooling performance of PCM by using a thermal network method, which cannot calculate melted PCM flow. In this paper, we consider the heat transfer phenomena of PCM module more deeply by using computational fluid dynamics (CFD) analysis with an enthalpy porosity method. By using this method, we can calculate phase-change phenomena and flow phenomena of melted PCM with CFD analysis. First, we briefly explain the results of the experiment and the thermal network analysis. Then we describe the details of CFD analysis with the enthalpy porosity method. In this calculation, melted PCM flow and heat absorption of latent heat can be analyzed. Therefore, we can discuss the reason why the thermal network analysis can estimate cooling performance of PCM module without dealing with melted PCM flow. The calculation results showed that natural convective flow of melted PCM affects the cooling performance of the PCM module. In the case where the PCM module is set vertically, high temperature and low temperature locations exist on the substrate. If several devices are cooled with the PCM module, device consuming the most power must be set in the lower part of the PCM module. From these results, we can conclude that no natural convective flow occurs in our experiment due to the shape of the PCM module.