The invention provides a composite phase change thermal storage material, a microcapsule and a preparation method of the composite phase change thermal storage material. The composite phase change thermal storage material comprises liquid metal and paraffin, wherein the absolute value of the difference between the melting points of the liquid metal and the paraffin is not greater than 5 DEG C. The composite phase change thermal storage material provided by the invention has no obvious phase separation in the process of sensible heat storage and phase change thermal storage, the thermal storage material basically keeps unchanged in volume and is short in reaction time of the thermal storage, the thermal storage material and microcapsule disclosed by the invention meet demands of the disposable thermal storage material and recycled thermal storage microcapsule respectively, and can be widely applied to the fields of aerospace, submarines, silk industry, building energy conservation and the like.