Abstract Phase change microcapsule slurry and phase change emulsion are two novel two-phase heat transfer fluids. Compared with a conventional single-phase heat transfer fluid such as water, their apparent specific heats in the phase change temperature range are greatly increased. Due to this, the heat transfer ability and energy transport ability can be obviously improved. Therefore, they have many potentially important applications in fields such as heating, ventilating, air-conditioning, refrigeration and heat exchangers. In this paper, a phase change emulsion was prepared by mixing film synthesis, and a phase change microcapsule slurry was prepared by in situ polymerization with polystyrene, polymethyl methacrylate, polyethyl methacrylate as encapsulation material, respectively. Physical properties, such as viscosity, diameter and its distribution of microcapsule and emulsion were investigated. The relationship between the concentration of tetradecane and physical properties have been discussed in detail. Meanwhile, the thermal physical properties of these two fluids were determined by DSC. Also, the influence of tetradecane concentration on phase change temperature and phase change heat has been discussed.