Phase change emulsion (PCE) is a kind of two-phase heat transfer fluid with phase change material (PCM) dispersed in carrier fluid. It has received intensive attractions in recent years due to the fact that it can be used as both the thermal energy storage material and transport medium simultaneously in a thermal energy storage system. In the present study, nano-sized PCEs are prepared by the D-phase method with n-hexadecane and n-octadecane as PCMs. The thermo-physical and transport properties are characterized to facilitate the applications. The droplet size distribution of the PCE is measured by a Photon Correlation Spectroscopy, and the results show that the droplet size distributions are similar at different mass fractions. The rheological behavior and viscosity of the PCE are measured by a rheometer, which shows that the PCEs at mass fractions below 30.0 wt% are Newtonian fluids, and the viscosities are dependent on both the mass fraction and temperature. The differential scanning calorimetry (DSC) is employed to analyze the phase change characteristics of the PCE, and the results indicate large supercooling degree of water and PCM in the PCE. The melting temperature and latent-heat of water in the PCE are much smaller than those of pure water. The thermal conductivities of the PCE with different mass fractions at different temperatures are measured by the transient hot-wire method. Furthermore, the energy transport characteristics of the PCEs are evaluated on the basis of the measured thermo-physical and transport properties. The results suggest that the PCEs show a drastic reduction of pumping power compared with water at the same heat storage capacity. (C) 2017 Elsevier Ltd. All rights reserved.