The Eulerian‐Eulerian model was used to simulate microencapsulated phase‐change slurry (MPCS) flowing in a circular pipe. The reliability of the model was verified by comparing the experimental data. The influences of inlet velocity, volume fraction, latent heat, microencapsulated phase‐change material (MPCM) particle size, and pipe wall heat flow on heat transfer properties of MPCS were quantitatively analyzed. The results indicated that the heat transfer coefficient between the MPCS and the wall surface can be improved by raising the inlet velocity and wall heat flow appropriately. With the increase of the volume fraction, reduction of particle size, and higher latent heat, the heat transfer coefficient between the MPCS and wall surface rises. Compared with water, the heat transfer coefficient of MPCS was larger. [ABSTRACT FROM AUTHOR]