TABS (Thermally Activated Building System) has recently applied by huge commercial buildings, airports, and convention centers in Europe. TABS provides night-time thermal storage by heating or cooling. The embedded water-based heating and cooling system uses the high thermal inertia of concrete in the building construction, in which a heating or cooling pipe is embedded. The aim of this study is to analyze the thermal storage and thermal output of TABS applied with PCM (Phase Change Material). To achieve this, prototypes of TABS and the thermal properties of various PCMs were investigated. By using the simulation program Physibel Voltra 6.0 W, the thermal storage and thermal output were evaluated according to a heating and cooling operation schedule.