In the existent paper, the performance of thermal storage hybrid buildings exploiting the latent heat of phase change materials (PCMs) for thermal refrigeration and heating of the contemporary period has been investigated. The conventional buildings consume a large amount of electricity, primarily for the heating and cooling applications. Electricity generation primarily relies on coal-based thermal power plants. The emissions from these establishments pose a serious threat to the environment. Moreover, conventional heating/cooling units rely on exorbitant energy cost. The usage of any kind of thermal storage system is an efficacious way of stockpiling thermal energy and utilizing it when needed. This paper gives a comprehensive overview of the available thermal storage units incorporating PCMs. The various segments of the buildings, viz, ceiling, window, wall, and floor have been analyzed in details. The results are quite promising in terms of load reduction and overall energy saving. Indoor surface temperature reduction of up to 7(o)C has been achieved. The energy saving of up to 40% can be realized by employing PCM. A comprehensive list of the PCMs is also tried to build up for end users according to their temperature requirement.