The development of form-stable phase change materials (PCMs) with flame retardancy and the visual thermal storage process is crucial for their application in building energy conservation. Herein, an active phosphorus/ammonium-containing non-formaldehyde flame retardant (APA) was synthesized based on the natural compound phytic acid. Then, wood-based form-stable PCM composites (PTPCMs) with high energy storage density, excellent flame retardancy, and real-time and visual reversible thermochromic properties were successfully fabricated by impregnating the thermochromic compound into the APA-grafted delignified wood. The delignified wood well supports the solid–liquid PCMs and avoids their liquid leakage during phase transition due to the high surface tension and strong capillary effect. The differential scanning calorimetry (DSC) results showed that the PTPCMs possessed high thermal energy storage density (165.3–198.6 J/g) and reliable thermal stability. With the concentration of the flame-retardant APA increased, the peak heat release rate (pHRR) and total heat release (THR) of PTPCMs reduced noticeably, demonstrating the enhanced flame retardancy of PTPCMs. Moreover, PTPCM composites had good thermoregulation properties and the visualization of the phase transition process was made possible by the reversible thermochromic properties. In summary, the novel PTPCMs show tremendous application potential for efficient building energy conservation.