Phase change material emulsions (PCMEs), as novel latent heat storage media, have great potential to advance applications. A comprehensive review of PCMEs is provided in this paper, including preparation methods, dispersion stability, phase change cycling stability, and improvement strategies. Various preparation techniques are presented, emphasizing the important factors that affect the homogeneity and stability of the PCMEs. A detailed analysis of the factors affecting dispersion stability is provided, emphasizing techniques for enhancing it. The dynamics of PCMEs during their solid-liquid phase transitions are investigated, introducing mechanisms of phase change cycling stability. Performance-enhancing methods are suggested, including using surfactants and nano-additives to improve the stability of PCMEs. Challenges and future research directions are also discussed.