Thermal management of power battery is important to ensure the safety of electric vehicle. Coupling phase change materials (PCMs) with liquid cooling technology is an efficient temperature uniformity strategy. In this paper, a self-made microencapsulated PCM (MPCM) was used to prepare MPCM slurry (MPCMS), and three base liquids (water, ethanol, and silicone oil) were evaluated, which confirmed that the silicone oil could maintain slurry without sedimentation for 7 days, providing the best stability. Also, graphene (GE) was introduced to increase the heat transfer rate of slurry. Then the prepared slurries were applied to the prismatic lithium-ion battery module to verify their thermal management performance. The results indicated that the prepared slur-ries' latent heat, thermal conductivity, and specific heat capacity were all rose with the increase of MPCM concentration. In addition, the slurries' viscosity changed little when the concentration was below 40 wt%. Compared with the blank module, GE-MPCMS-Si could reduce the battery module temperature and the tem-perature variance by 14.49 & DEG;C and 3.8 & DEG;C2, respectively. Besides, the influence of flow rate was further inves-tigated, which showed 6 mL/s is the most economical and efficient flow rate option.