Microencapsulated paraffin insulation mortar (MPIM) was prepared by using low melting point microencapsulated paraffin (MCP) as phase change material. The phase change temperature, enthalpy, thermal conductivity coefficient and phase change thermal storage properties were tested. The result shows phase change temperature and enthalpy of the MPIM are 33 ℃ and 13.42 J/g, respectively. The thermal conductivity coefficient decreases with the increase in the dosage of silane coupling and binder. The thermal conductivity coefficient decreases with the increase in the dosage of the MCP, and then increases. Compared with blank specimens, the heating rate and cooling rate of the MPIM is definitely lagged, and it has good thermal storage properties.