Improper operating temperature will degrade the performances of electronic components, Li-ion batteries and photovoltaic (PV) cells, which calls for a good thermal management system. In this paper, specific attention is paid to the thermal management systems based on the phase change materials (PCMs). Performances of the PCM-based thermal management systems for each kind of these three devices along with the type of PCM used, thermal properties of that kind of PCM, like phase change temperature, enthalpy of phase change and thermal conductivity are discussed. Discussion in detail on techniques to improve the thermal conductivity of PCMs is made because of its crucial influence. Advanced-structure heatsinks with multi-layer PCMs and hybrid passive heatsinks combined with active cooling are also introduced. The PCM-based thermal management system is powerful in ensuring electronic devices, Li-ion batteries and photovoltaic cells working safely and efficiently.