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Thermal energy storage (TES) systems could be used to reduce a building’s peak power demand associated with heating or cooling by shifting the peak heating or cooling loads to the low power demanding hours. This chapter provides the overview of the recent energy storage research activities applicable to building applications. The information gathered in this chapter is divided into two storage technologies: sensible/latent TES and sorption TES. Sorption TES technology is summarized by improving working pair properties and enhancing sorption bed heat transfer. Investigation on the sensible/latent TES is tailored with more details for building storage system classification, its energy saving potential, phase change material (PCM) property improvement, and mathematical modeling of PCM storage system. In this chapter, several barriers that impede the commercialization of storage technology are identified, and possible solutions are then suggested. In addition, recommendations are made for the future TES technologies. This chapter is expected to be beneficial to researchers and engineers to design energy storage systems for building application and to access their merits.