Thermal management is a key factor in ensuring the performance and durability of electronic components as well as electrochemical converters, such as batteries and fuel cells. Phase change materials (PCMs), which undergo phase transitions at a constant temperature or within a narrow temperature range, enable precise and homogeneous thermal control, even in harsh environments, in a passive manner. Environmentally friendly materials are among the most promising candidates for the development of sustainable PCMs. In this context, the present work aims to develop PCM composites based on natural beeswax, characterize their thermophysical properties, and model their thermal behavior. Characterization tests revealed promising results in terms of latent heat and phase change temperature. However, the material’s low thermal conductivity limits the phase change kinetics. To address this limitation, graphite microparticles were incorporated. The results show that the addition of 10 wt% graphite (approximately 4.5 vol%) increases thermal conductivity by about 50%. Numerical models were developed and validated through comparison with experimental data.