The most efficient way to store thermal energy is the latent heat energy storage method because of its high energy storage density and almost constant freezing/melting temperature. The present study deals with the preparation of eutectic Phase change material (PCM) which is the mixture of myristic acid and Polyethylene glycol (PEG) of molecular weight 10000. The mixture was prepared in different weight fractions via facile incorporation method. The thermal and chemical properties of the eutectic mixture is characterized by DSC and FTIR technique. A mixture of 50% PEG 10000 and 50% myristic acid possess the maximum latent heat of 188.96 kJ/kg among all prepared samples and the final melting temperature achieved is 58.61 °C. The experimental results shows that the developed eutectic mixture possess good thermal energy storage capacity and can be a potential material for the thermal energy system applications.