Fatty acids are highly preferred as phase change materials (PCMs) for thermal energy storage. However, low thermal conductivity limits their thermal performance and so reduces their direct applicability in latent heat storage systems. In present work PCM nanocomposites with 0.25% to 1.25% of graphene in lauric acid have been prepared and characterized. The highest thermal conductivity of sample with 1% mass fraction of graphene was found to be enhanced by 45.2% and 50.1% during melting and cooling, respectively compared to pristine PCM. This enhanced heating/cooling rates and thermal conductivity are attributed to the optimized impregnation of graphene into lauric acid.