The incorporation of phase change material (PCM) can enhance wall thermal performance and indoor thermal comfort, but practical applications still face challenges related to high costs and potential leakage issues. In this study, a novel dual-biomass-based shape-stabilized PCM (Bio-SSPCM) was proposed, wherein waste cooking fat and waste reed straw were, respectively, incorporated as the PCM substance and supporting material. The waste fat (lard) consisted of both saturated and unsaturated fatty acid glycerides, exhibiting a melting point about 21.2–41.1 °C and a melting enthalpy value of 40 J/g. Reed straw was carbonized to form a sustainable porous biochar supporting matrix, which was used for the vacuum adsorption of waste fat. The results demonstrate that the as-prepared dual-Bio-SSPCM exhibited excellent thermal performance, characterized by a latent heat capacity of 25.4 J/g. With the addition of 4 wt% of expanded graphite (EG), the thermal conductivity of the composite PCM reached 1.132 W/(m·K), which was 5.4 times higher than that of the primary lard. The thermal properties of the Bio-SSPCM were characterized using an analog T-history method. The results demonstrated that the dual-Bio-SSPCM exhibited exceptional and rapid heat storage and exothermic capabilities. The dual-Bio-SSPCM, prepared from waste cooking fat and reed straw, can be considered as environmentally friendly construction material for energy storage in line with the principles of the circular economy.