A convenient method for preparing the thermal regulating fibers with high latent heat has been developed. PVA thermal regulating fibers were prepared via a wet spinning process, with paraffin being the phase change material. The structures and properties of these fibers were investigated by SEM, TGA, DSC and tensile strength tester. With the paraffin content in the fibers increasing from 30wt% to 70wt%, the latent heat of the fibers increases from 42.8J/g to 87.8J/g and the paraffin phase structures change from separation into partial interconnection. PVA matrix can not wrap paraffin effectively when the paraffin content increases up to 50wt%, so the paraffin loss in the spinning process increases. The thermal stability of fibers with low paraffin content is better than that of fibers with high paraffin content. After 100 heat-and-cool cycles, the latent heat of fibers lose a little. The tensile strength of these thermal regulating fibers is good enough for application in wrapping, filling, and nonwovens.