Thermal storage systems development is under significant concern focusing mainly to the thermal energy storage use for thermal applications. On the other hand, the investigation of phase change materials (PCMs) in the building sector was tested consisting a very promising field of research and development. A number of substances have been tested as potential PCMs; however, only few of them have been further developed for commercial purposes. This is attributed to a number of thermophysical barriers, which make the applications of PCMs in buildings difficult. Several studies have examined the potential of PCM use, either incorporated into building envelopes or in heating and cooling applications. Regarding building envelope applications, PCMs are used to mainly ensure indoor thermal comfort and contribute to energy performance. The positive impact of PCMs on the building's annual cooling and heating loads in various climate zones is a common conclusion. Concerning heating and cooling applications, the main idea has been to substitute the storage medium with PCMs, which have higher storage capacity. Hence, the use of PCMs can be considered as scientifically mature, although there are still technical, environmental, and economic barriers. The present study is the state of the art of the existing research of PCM for thermal applications taking into consideration environmental (based mainly on life cycle analysis methodology) and economic performance (accounting to life cycle cost analysis methodology) criteria, while excluding solar power generation applications.