Abstract: Microencapsulated phase change materials (MPCM) can effectively prevent leakage and corrosion of phase change materials, which are widely utilized in the fields of solar energy utilization, thermo-regulated fibers and fabrics, energy saving buildings and heat transfer fluids. However, there is a problem that the core-shell structure of conventional MPCM weakens the photothermal conversion performance. The poor performance can be effectively improved by modifying MPCM with the addition of photothermal materials. In this paper, the materials of MPCM’s core and shell and their characteristics are summarized. The characteristics and photothermal conversion mechanisms of photothermal materials, including organic photothermal materials, carbon-based materials, semiconductor materials, metal-based materials and other photothermal materials, are illustrated. Additionally, photothermal conversion efficiency is introduced to evaluate the enhancement of photothermal properties of modified MPCM with different modified photothermal materials. Finally, future trend of modified MPCM with photothermal conversion is prospected.