Phase change materials (PCM) are commonly utilized materials in the latent heat energy storage systems. However, they have the limitation of low thermal conductivities which leads to poor charging and discharging rates. Lauric acid dispersed with the iron oxide nanoparticle was tested for its thermal performance to characterize its phase change properties. Different compositions of lauric acid were formulated with varying concentrations of iron oxide ranging from 1 wt. % to 4 wt. % were investigated. From the thermal charging and discharging studies, it was observed that lauric acid with 4% had shown the maximum heat transfer rate. Also, the FTIR spectrum confirmed the chemical stability and uniform dispersion of nanoparticle in lauric acid even after several thermal cycles. Such, lauric acid nanocomposites embedded with the iron oxide could be potential candidates in PCM applications.