A new type of phase change thermal storage foam concrete was developed by effectively incorporating a composite phase change material (CPCM) into foam concrete. The CPCM was obtained by using 75 wt% CaCl2∙6H2O as PCM and 25 wt% silica aerogel as carrier, with a phase change temperature of 27.0 °C and an enthalpy value of 110.9 J/g. The mechanical and thermal properties of the obtained phase change thermal storage foam concrete blocks were investigated experimentally, along with a numerical analysis of their heat transfer characteristics. The experimental results demonstrated that after adding CPCM, the thermal performances of foam concrete blocks significantly increased, under the condition of their dry densities and compressive strengths met the specification requirements. Adding 20 wt% CPCM, the enthalpy value, specific heat capacity, thermal conductivity and thermal inertia of foam concrete block respectively reached 37.0 J/g, 1782.0 J/(kg∙K), 0.131 W/(m·K) and 770.9, with appropriate phase change temperature (27.2 °C). Numerical analysis for the heat transfer characteristics of the phase change thermal storage foam concrete wall revealed that optimal thermal insulation and thermal storage performances were achieved when the wall contained 20 wt% CPCM and thickness of 80 mm. In this case, the model exhibited a temperature wave attenuation factor of 6.66, the temperature amplitude of 5.84 K and a decline of 9.87 K for the highest temperature of the wall as well as delay time of 198,000 s, effectively regulating indoor temperature and saving energy. Therefore, the as-prepared phase change thermal storage foam concrete had great potential for application in building energy conservation.