In recent years, phase change materials (PCMs) have attracted considerable interest due to their capacity to store and release enormous energy during phase transitions. However, low thermal conductivity and leakage are significant obstacles that hinder the efficacy of PCMs. Foams and porous matrices have been investigated as potential solutions to the leakage problem in PCMs. This review examines the use of foam to improve the thermal energy storage performance of PCMs. The primary objective of this paper is to unveil the leakage control using foams and discuss the effect on the thermophysical properties of foam-based PCMs. To achieve this objective, we have reviewed previous research in this area, established the research's rationale, and filled any voids in the literature. The paper examines the utilization of carbon-based and metallic foams for PCMs at varying temperatures. It evaluates the methodologies used to evaluate the efficacy of PCMs with foam reinforcement. Key findings include the significant enhancement in thermo-physical properties of PCM performance due to the use of foam and the potential applications of these materials in various fields, including thermal management of batteries, heating and cooling of buildings, smart textiles and electronic heat sinks. The study also summarizes the foams and other porous matrices to compare their performance with PCM. Foam-based PCMs prove to be a strong candidate by solving the leakage issue in PCMs without compromising their thermophysical properties.