Phase change emulsion, mentioned in this article, is a category of novel phase change fluid used as heat storage and transfer media. It is made of micro-particles of a phase change wax as a phase change material with the melting temperature ranging from 80 to 90 degrees C, which can be used as the working fluid in a heating system. Phase change emulsion of 10, 20, and 25 wt% were prepared. The melting point and the heat of fusion of phase change emulsion were measured by a differential scanning calorimeter. The phase change emulsion of 20 wt% was chosen to analyze the applicable feasibility. Its thermal physical properties were measured, and the pump consumption of a conventional (water) system and a phase change emulsion system were compared. Results show that this phase change emulsion can reduce pump consumption 87% compared to water as the heat transfer media when the working temperature zone is 82-90 degrees C. Furthermore, by addition of nanoparticles, the thermal conductivity of the phase change emulsion was increased greatly with a little mass concentration.