The thermal management system plays a pivotal role in electric vehicle. The CO2 heat pump technology, which performs well at low temperatures and environmentally friendly, has emerged as one of the most promising solutions for optimizing the thermal management system of electric vehicles. However, at −30 ℃ to −15 ℃, the CO2 heat pump faces issues with excessively high discharge temperatures and limited Gas Cooler heat exchange area, thereby there is potential of waste heat recovery and utilization. This paper proposes a thermal management system that utilizes PCM heat storage to recover waste heat from the CO2 heat pump. The system aims to insulate the battery during winter parking, reducing the battery’s preheating energy consumption and enhancing the vehicle’s overall energy utilization efficiency. This paper explored the waste heat characteristics of CO2 heat pump under various conditions. Subsequently, Numerical structural optimization analysis of the PCM heat storage was conducted. Finally, an economic analysis of the PCM heat storage is performed, considering the boundary condition of the urban climate. The result showed that Under the heat production control strategy, the PCM heat storage has a high heat storage rate at −30 ∼ -20 ℃ ambient temperature, reaching 1470 W ∼ 2709 W, and the heat storage time is less than 1 h. At −15 ℃, where the energy saving is maximized, the system battery coupled with the PCM heat heat storage consumes only 0.88 kWh for preheating, saving 44 % compared to the 1.58 kWh consumed by the baseline. The PCM heat storage demonstrates a better energy-saving effect in colder areas.