This paper explicitly deals with the role of thermal energy storage (TES) with respect to energy performance measures in buildings. Buildings constitute about 50% of the total energy consumption worldwide. Thus buildings are directly found to be one of the major perpetrators of the rapid depletion of fossil fuels and greenhouse emissions. This review paper consolidates the list of PCM's for energy efficient buildings along with the thermal properties. A broad spectrum on the role of thermal energy storage techniques i.e. advancements, applications and futuristic solutions with their specific nature and role is summarized in this article. A critical focus has been given to PCM composites, control strategies and PCM based Photo-voltaic Thermal (PV/T) systems which have emerged out as a promising and feasible future solution to be used in building material. The techno-economic aspects of thermal storage systems have been introduced to justify its potential role in mitigating emission challenges. The low off peak energy tariffs and payback periods are certainly found to be economical with thermal energy storage. PCMs are considered to be a potential material to act as thermal batteries for different building applications however, special care has to be considered for an initial investment.