The developing trend of miniaturization and integration for electronics imposes challenges of efficient heat dissipation technology, where novel materials with advanced thermal energy conversion and management are urgently needed. In this work, we propose an emerging phase change material (PCM) system with polyvinyl alcohol/expanded graphite network loading paraffin wax (PE-PW), which exhibits superb flexibility, thermal energy storage capacity and thermal conductivity. The phase change enthalpy is from 115.61 J/g to 168.93 J/g without any leakage, which can be maintained even after 500 thermal cycles. The thermal conductivity can reach 1.46 W/mK, 484% enhanced compared with that of pure PCM. Meanwhile, the thermal management test indicates that the PE-PW composites can quickly absorb and store the generated heat to achieve temperature control, thus protecting the system from overheating and indicating excellent thermal management capacity. This flexible PE-PW system has broad application prospects in the field of thermal energy conversion and management for wearable electronics.