The thermal enhanced phase change microcapsules were prepared by paraffin as core material and the modified graphene as wall material. X-ray diffraction (XRD) and Fourier transform infrared spectroscope (FTIR) were applied to determine the microstructure and chemical structure of the microcapsules. A differential scanning calorimeter (DSC) test was done to investigate the thermal properties and thermal stability of the microcapsules. The results showed that the modified graphene/paraffin microcapsules have a regular spherical shape. The thermal conductivity of the microcapsules increases gradually with the increase of the content of the modified graphene. When the content of graphene content is 10 %, the thermal conductivity of the microcapsules is 4.01 times that of paraffin. The enthalpy of phase transition of the microcapsules is 100.3 J/g. Considering the suitable thermal properties, good thermal reliability, chemical stability and great thermal conductivity of the prepared microcapsules, it shows good application prospects in thermal or solar energy storage applications.