Phase change materials (PCMs) play a leading role in overcoming the growing need of advanced thermal management for the storage and release of thermal energy which is to be used for different solar applications. However, the effectiveness of PCMs is greatly affected by their poor thermal conductivity. Therefore, in the present review the progress made in deploying the graphene (Gr) in PCMs in the last decade for providing the solution to the aforementioned inadequacy is presented and discussed in detail. Gr and its derivatives ((Gr oxide (GO), Gr aerogel (GA) and Gr nanoplatelets (GNPs)) based PCMs can improve the thermal conductivity and shape stability, which may be attributed to the extra ordinary thermo-physical properties of Gr. Moreover, it is expected from this review that the advantages and disadvantages of using Gr nanoparticles provide a deep insight and help the researchers in finding out the exact basic properties and finally the applications of Gr can be enhanced.