This article reviews advancements in form-stabilized phase change materials (PCMs), focusing on stabilization mechanisms, multifunctionalities, and applications. PCMs are materials that store and release thermal energy during phase transitions, making them valuable for thermal energy storage and regulation. However, their use is hindered by issues such as leakage and fluidity in the melt state. To address these challenges, researchers have developed various stabilization techniques, including encapsulation, porous supports, and polymeric hybridization, which enhance the stability and performance of PCMs. The review discusses the effectiveness of different stabilization methods in mitigating leakage and improving the overall performance of form-stabilized PCMs. It also explores the multifunctionalities of these materials, including self-healing, self-cleaning, fire-retardancy, and enhanced electrical and thermal conductivities. Furthermore, the review highlights the diverse applications of form-stabilized PCMs, such as solar energy storage, buildings, textiles, biomedical, and electronics. The article emphasizes the importance of selecting appropriate supporting materials and shape-stabilizing mechanisms to ensure the effectiveness of form-stabilized PCMs. It also discusses the role of form-stabilized PCMs in various applications, addressing key concerns related to stability, leakage prevention, thermal conductivity, and application strategies. The ultimate goal of this review is to provide a comprehensive understanding of PCM stabilization for a wide range of practical applications, facilitating the accelerated adoption of these materials in cutting-edge technologies and energy systems.This article reviews advancements in form-stabilized phase change materials (PCMs), focusing on stabilization mechanisms, multifunctionalities, and applications. PCMs are materials that store and release thermal energy during phase transitions, making them valuable for thermal energy storage and regulation. However, their use is hindered by issues such as leakage and fluidity in the melt state. To address these challenges, researchers have developed various stabilization techniques, including encapsulation, porous supports, and polymeric hybridization, which enhance the stability and performance of PCMs. The review discusses the effectiveness of different stabilization methods in mitigating leakage and improving the overall performance of form-stabilized PCMs. It also explores the multifunctionalities of these materials, including self-healing, self-cleaning, fire-retardancy, and enhanced electrical and thermal conductivities. Furthermore, the review highlights the diverse applications of form-stabilized PCMs, such as solar energy storage, buildings, textiles, biomedical, and electronics. The article emphasizes the importance of selecting appropriate supporting materials and shape-stabilizing mechanisms to ensure the effectiveness of form-stabilized PCMs. It also discusses the role of form-stabilized PCMs in various applications, addressing key concerns related to stability, leakage prevention, thermal conductivity, and application strategies. The ultimate goal of this review is to provide a comprehensive understanding of PCM stabilization for a wide range of practical applications, facilitating the accelerated adoption of these materials in cutting-edge technologies and energy systems.