Nanocomposites consisting of paraffin/graphene nanoplatelets mix embedded in carbon foams via vacuum infiltration were fabricated with the aim of developing new phase change material (PCM) formulation with excellent shape stabilization, improved thermal conductivity and outstanding thermal reliability and structural stability. Physicochemical and thermal properties of the nanocomposites were evaluated using a suite of techniques such as scanning and transmission electron microscopy, X-ray diffraction, attenuated total reflection Fourier transform infrared spectroscopy, nitrogen adsorption analyzer, differential scanning calorimetry, mechanical tester, Raman spectroscopy, thermal conductivity analyzer and thermogravimetric analyzer. The carbon foams exhibited good cyclic compressive behavior at a strain of up to 95% and kept part of their elastic properties after cyclic testing. Due to the robust mechanical integrity and layered meso-/macroporous morphology of these carbon foams, the nanocomposites are well equipped to cope with volume changes without leaking during thermal cycling. A 141% thermal conductivity enhancement observed for the carbon foam nanocomposite demonstrates the contributing role of the carbon foam in creating effective heat transfer through its conductive 3D network. The results have shown that proper chemical modification and subsequent carbonization of the low cost porous foams can lead to ultralight multifunctional materials with high mechanical and physical properties suitable for thermal energy storage applications.