The growing availability and decreasing cost of microencapsulated phase change materials (PCMs) present an opportunity to develop innovative insulation materials for latent heat energy storage. By integrating PCMs with traditional insulation materials, it is possible to enhance the thermal capacity of a building by up to 2.5-times, virtually without increasing the building’s mass. To improve buildings’ indoor structural performance, as well as improving their energy performance, microencapsulated PCMs are integrated into wallboards. The integration of microencapsulated PCMs into the wallboard solves the PCM leakage problem and assures a good bond with the building materials to achieve better structural performance. The novelty of this research is the application of encapsulated phase change material dispersion and technology for its incorporation into the structure of hemp shives and longitudinally milled wood chip-based insulation boards, using cold pressing technology to reduce the energy consumption of board production. As a result, low-density insulation boards for indoor application were produced by varying their structure and the amount of phase change materials in the range of 5% to 15% by board mass. The obtained board prototypes can be used as microclimate and thermoregulation elements of interiors, as well as functional aesthetic elements of interior design.