With the progressive depletion of traditional fossil energy and the adjustment of the global energy structure, the development and utilization of new energy have emerged as a research focus. Al-Si alloy exhibits significant potential in phase change heat storage materials due to its high heat storage density, outstanding thermal cycle stability, and favorable cost performance. Nevertheless, the oxidation and corrosion of aluminum-silicon alloy at elevated temperatures still impose constraints on the development of its related industries in the high-temperature direction. In this paper, the preparation method, performance optimization approach, and packaging method of Al-Si alloy are comprehensively presented. The choice of material preparation methods is of great significance for controlling the quality and production cost of materials. Sorting out the development process of related preparation technologies also indirectly supports the upgrading and transformation of related industries. The crux for the application of phase change materials in practice lies in whether the properties of the materials themselves and the packaging methods can meet the requirements. In this paper, the mechanical and thermal properties of Al-Si alloy are presented from macroscopic and microscopic perspectives. Through high-temperature treatment, chemical modification, and element addition, not only can the mechanical properties of the material be enhanced, but also the heat storage density, phase transition temperature, corrosion properties, and thermal stability can be optimized. The packaging of PCM can ensure safety and enhance heat transfer, and by analyzing the advantages and disadvantages of various packaging methods and application scenarios, it can further promote the commercial application of aluminum-silicon alloy in the field of high-temperature phase transformation.