Utilizing phase change materials (PCMs) is one of the most effective methods of storing thermal energy and is gaining popularity in renewable energy systems. In order to analyze PCM performance, various numerical methods have been deployed to study the transient behaviour during phase changes. PCMs’ low thermal conductivity prevents their use as pure PCMs in industrial applications. There are various efficient methods of enhancing PCM thermal conductivity, which are addressed in this article. On the other hand, the lattice Boltzmann method (LBM) is very inclusive in the numerical simulation of complex fluid flows, thermal transport, and chemical interactions because of its ability to simply represent various complex physical phenomena, suitability for parallel programming, and easy coding and implementation. Many numerical studies have been conducted on PCMs using the LBM. This study aims to review these studies and categorize them in a way so that one may thoroughly understand the LBM’s capabilities in the simulation of PCM-related investigations. First, PCM characteristics and applications are presented, then the LBM implementation in PCM problems is addressed. Afterward, the fabrication and types of PCMs are mentioned. Next, the improvement of thermal energy storage methods of PCMs is stated. Furthermore, governing equations are reviewed. Lastly, the opportunities and challenges of the LBM in PCMs are discussed.