Phase change materials (PCMs) are latent heat storage materials that can store or release thermal energy while undergoing thermodynamic phase transitions. Organic PCMs can be emulsified in water in the presence of surfactants to enhance thermal conductivity and enable applications as heat transfer fluids. However, PCM nanoemulsions often become unstable during thermal cycling. To better understand the molecular origins of phase stability in PCM nanoemulsions, we designed a model PCM nanoemulsion system and studied how the molecular-level environments and dynamics of the surfactants and oil phase changed upon thermal cycling using liquid-state nuclear magnetic resonance (NMR) spectroscopy. The model system used octadecane as the oil phase, stearic acid as the surfactant, and aqueous NaOH as the continuous phase. The liquid fraction of octadecane within the nanoemulsions was quantified noninvasively during thermal cycling by liquid-state 1H single-pulse NMR measurements, revealing the extent of octadecane supercooling as a function of temperature. The mean droplet size of the PCM nanoemulsions, measured by dynamic light scattering (DLS), was correlated with the liquid content of octadecane to explain phase instability in the solid-liquid coexistence region. Quantitative 13C single-pulse NMR experiments established that the carbonyl surfactant head groups were present in multiple distinct environments during thermal cycling. After repeated thermal cycling, the 13C signal intensity of the carbonyl surfactant head groups decreased, indicating that the surfactant head groups lost molecular mobility. The results explain, in part, the origin of phase instability of PCM nanoemulsions upon thermal cycling.