Despite the growing popularity of phase change materials (PCM) and suspensions of micro-encapsulated phase change materials (mPCM) in both industrial and scientific applications, their properties characterization remains partial and mainly limited to thermal properties. The characterization of such suspension is a crucial aspect for comprehending their behavior and optimizing their performance. This paper is dedicated to a wide characterization of two suspensions containing micro-encapsulated phase change material. In pursuit of a thorough understanding, we also extend our characterization efforts to the bulk PCM encapsulated within the particles.Our primary focus is on determining the materials thermal properties such as latent heat and specific heat capacity using differential scanning calorimetry. Different cooling and heating rates have been employed in our measurements. Regarding our experiments, the bulk phase change material is predominantly identified as octadecane. Results obtained from calorimetry are then compared between the bulk PCM and the mPCM suspensions. By comparing the magnitudes of latent heat obtained for suspensions with the bulk material, we can accurately determine the mass fraction of PCM within each suspension. Noteworthy, during the solidification process an additional latent heat peak is observed only for the encapsulated PCM.The density of the materials is also measured. The phase change of PCM included in the capsules can be observed in densimetry: within the studied temperature range (283.15–306.15 K), the most significant density variations occur during intervals associated with phase change transitions. In ranges where the PCM, included in the capsules, is in a single-phase state (solid/liquid), we provide linear laws that account for density variations with temperature.Finally, our characterization work focuses on the rheological properties of the materials. While the bulk PCM in liquid phase exhibits a Newtonian viscosity, mPCM suspensions present a non-Newtonian viscosity. Both shear-thinning and shear-thickening behaviors are observed depending on the suspension particle volume fraction ϕ of mPCM. This paper concludes with a full comparison of our characterization results with models and correlations proposed in the literature.