Phase change materials (PCMs) can realize energy absorption, storage, and release by the phase change latent heat, which is beneficial for heat energy management. Recently, erythritol, with a phase transition temperature of about 118 °C and latent heat of about 314 J g⁻¹, has been extensively applied as a phase change material in the field of medium temperature energy storage, relying on its high energy storage density, non-corrosiveness, etc. However, the severe supercooling and relatively low thermal conductivity of erythritol during phase transition significantly prevent widespread applications. This review summarizes the latest developments, emerging trends, and challenges of erythritol for advanced PCMs. We proceed from the importance of the structure–property relationship of erythritol in the performance improvement of PCMs. Then, the fundamentals related to the advantages and disadvantages of erythritol as a phase change material are systematically discussed. Further, several methods to inhibit the supercooling performance and improve the thermal conductivity of erythritol are summarized for deepening future studies and extending the applications of erythritol for high-performance PCMs. Finally, the major preparation strategies and applications of erythritol-based PCMs are emphasized in the thermal management of solar heat collection, waste heat recovery, and antibacterial and thermal insulation.