Utilization of air conditioning condensing heat recovery in daily hot water preparation was propitious to energy conservation. A condensing heat recovery with thermal storage of phase change material (PCM) has been designed and analyzed in this paper. Related studies such as charging and discharging experiment, comparison between air conditioning with or without the thermal storage container, relationship between temperature rise and flow rate were also researched. It could be concluded that sensible condensing heat could be recovered effectively by a thermal storage container added and air conditioning system kept in order with condensing heat recovery. Experiments showed larger flow rate leaded to less temperature rise of cold water during the discharging process.