Energy from renewable resources is a major concern nowadays and is being addressed by researchers over the globe to overcome the energy crises. Organic phase change materials are extensively utilized in thermal energy storage systems to integrate and manage the renewable energy. However, the tendency of organic phase change materials to leak out during the phase transition process, limits their practical applications in thermal energy storage. The shape-stabilization is an effective strategy to prevent the leakage and enhance the energy storage capacity of organic phase change materials. The shape stability can be achieved by entrapping the organic phase change materials in a shell through microencapsulation and by integrating into the supporting materials’ matrix or by developing phase change materials with the solid-solid phase change. This paper delivers a comprehensive detail on the diverse classes of novel shape stabilizing strategies containing organic, inorganic and polymeric materials with adequate critical analysis of thermophysical properties of phase change materials. Moreover, the versatile applications of shape-stable phase change materials in thermal management and energy storage systems have also been enlightened. Lastly, the critical issues in different shape-stabilization strategies and the possible rectifications are also discussed.