In the thermal energy storage system, the thermal properties of phase change materials (PCM) have a great influence on the system performance. In this paper, paraffin-based composite phase change material with different graphite additive (expanded graphite, EG; graphene, GR; and graphene oxide, GO) and different concentrations (0.5 to 2.0%) are manufactured by a two-step method combining mechanical agitation and ultrasonic vibration. The characteristics of charge/discharge processes are studied, and the thermophysical properties are measured by T-history method. The experimental results show that the thermal conductivity and heat charge rate of the composite PCM are effectively improved by adding the graphite additive to the PCM, and the addition of additives can improve the melting point of the material. When the same graphite additive is added, the higher the concentration, the higher the thermal conductivity of the composite PCM, and the latent heat decreases with the increase of concentration. When adding the same amount of carbon additives, the graphene/paraffin composite PCM has the highest heat charge/discharge rate and thermal conductivity. It is finally concluded that graphene is the most promising candidate for heat transfer enhancement of paraffin among three carbon additives even though the EG-based composite PCM gives relatively high latent heat.