Technology of phase change materials used in cold storage house has great potential in energy storage and cost saving under the background of peak and valley price of electricity. A kind of cold storage house based on water/ice as phase change material was set up and studied. Performance of this cold storage house was experimentally tested and numerical simulated. The results showed that water/ice is a promising material for its high latent heat density. Cold storage house with water/ice PCM shifts electricity load to off-peak load and then increase operating cost due to peak load power pricing. In addition, water/ice PCM increases the insulation effect and then reduces the cold energy needed. The payback period of water/ice PCM in a laboratory scale is about 4.1 years in this study.