Phase Change Material (PCM) nanoemulsions offer numerous benefits as thermal energy storage systems, including high energy storage capacity, rapid thermal response, enhanced stability, and easy integration into existing thermal management systems. This study focuses on producing nanoemulsions with fine droplets of commercial paraffin RT42, stabilized with the anionic surfactant sodium dodecyl sulfate (SDS) using the sonication method. The impact of formulation of PCM nanoemulsions on its thermophysical and rheological characterization has been investigated. The results indicated that the degree of supercooling declined from 12.8 °C to 8.6 °C as the PCM volume fraction varied from 10 to 45 vol%. This decrease was attributed to the enlargement of PCM droplet size from 110 to 164 nm while maintaining a constant PCM-to-surfactant ratio of 10:1. By incorporating Fe3O4 nanoparticles as a nucleating agent at two different concentrations of 1 and 4 %, the supercooling degree decreased from 10.2 °C to 8.2 °C when 4 % Fe3O4 nanoparticles were added. The samples exhibited remarkable stability throughout a period of one year of storage and under dynamic conditions, including 50 freeze-thaw cycles. Rheological investigations and the gelation mechanism through estimation of the attractive and repulsive interaction forces among droplets revealed that nanoemulsions with volume fractions ≥30 % transformed from fluid-like states to viscoelastic gels due to the depletion attractions caused by SDS micelles in the continuous phase. These findings contribute to a better understanding of the factors influencing the formation of viscoelastic PCM nanoemulsion gels and their potential applications across various fields.