High-temperature phase change materials (PCMs) with good energy storage density and thermal conductivity are needed to utilize solar thermal energy effectively to meet industrial thermal energy demands. Composite PCMs containing a material of higher thermal conductivity and an inorganic high-temperature PCM can be explored to meet these requirements. Accordingly, a high-temperature, composite inorganic PCM (ZnO-NaNO3) with enhanced thermophysical properties was prepared, and its energy storage potential was investigated experimentally. A maximum thermal conductivity enhancement of 22.7% was achieved at 200 °C for 2 wt% ZnO-NaNO3 nanocomposite. The increase in thermal conductivity at higher temperatures may be attributed to the formation of ordered sodium nitrate layers on the nanoparticle surfaces. The increase in surface area and surface energy due to the addition of ZnO nanoparticles increased the specific heat of the nanocomposite in both the solid and liquid phases (43.5% in the liquid phase for 2 wt% ZnO-NaNO3). Thus, the addition of ZnO nanoparticles to NaNO3 increased its energy storage capacity. The addition of ZnO nanoparticles to NaNO3 did not affect the onset, peak or endset temperature during melting and freezing. Moreover, 2 wt% ZnO-NaNO3 exhibited cyclic stability even after 500 cycles and thus has potential as an energy storage medium.