Irregular nature of renewable energies namely solar and wind entails making use of storage units to improve the reliability of the designed systems and enhance the overall performance and output. In conditions of applying thermal energy technologies like solar thermal power plants and solar collectors, storage systems with ability of storing energy in thermal form are employed. In general, due to some advantages of latent heat thermal energy storage mainly known as Phase Change Material (PCM), like high heat capacity, these types of storage materials are widely used in thermal systems. In addition to energy storage, PCMs are utilizable for some other purposes namely device thermal management like solar PV/Thermal systems. In spite of benefits of PCMs in term of capacity of storage, low thermal conductivity is one the main disadvantages of them. Some techniques and approaches like utilization of nanomaterials, fins and foams are suggested to resolve this issue. The aim of current study is to review the research works on the simultaneous applications of fins and nanomaterials in PCMs. With respect to the findings of the research works it can be stated that there is significant potential in improvement of phase change rate by simultaneous usage of both fins and nanomaterials. The rate of phase change in these cases can be affected by the type of nanomaterials and the characteristics of the fins.