This paper introduces emulsion phase change cold heat storage and heat transfer material and its applications and reports its related thermal properties by means of tests and calculations. As a comparison, some available cold heat storage techniques and materials with or without phase change are briefly introduced in respect to their benefits and disadvantages. The paper also investigates flow resistance, heat transfer, and cold heat storage characteristics of the emulsion as both a functional latent heat storage material and a heat transfer enhancement fluid. The reasons for heat transfer enhancement are explained by the "field synergy principle" Experiments were made with a coiled double-tube heat exchanger. As a result, practical dimensionless correlations were developed to express the relationships among the different dimensionless parameters. In addition, calculations and analyses are made for various factors that influence the heat storage rate.