Phase change materials (PCMs) are materials that exhibit thermal response characteristics, allowing them to be utilized in the biological field for precise and controllable temperature regulation. Due to considerations of biosafety and the spatial limitations within human tissue, the amount of PCMs used in medical applications is relatively small. Therefore, researchers often augment PCMs with various materials to enhance their performance and increase their practical value. The dispersion of nanoparticles to modify the thermophysical properties of PCMs has emerged as a mature concept. This paper aims to elucidate the role of nanomaterials in addressing deficiencies and enhancing the performance of PCMs. Specifically, it discusses the dispersion methods and stabilization mechanisms of nanoparticles within PCMs, as well as their effects on thermophysical properties such as thermal conductivity, latent heat, and specific heat capacity. Furthermore, it explores how various nano-additives contribute to improved thermal conductivity and the mechanisms underlying enhanced latent heat and specific heat. Additionally, the potential applications of PCMs in biomedical fields are proposed. Finally, this paper provides a comprehensive analysis and offers suggestions for future research to maximize the utilization of nanomaterials in enhancing the thermophysical properties of PCMs for biomedical applications.