Ice slurry based thermal storage plays an important role in reshaping patterns of electricity use for space cooling and heating. It offers inherent advantages in energy efficiency, operating savings, load follow-up and flexible installation over conventional thermal storage technologies. This paper provides discussions on the generation mechanism and performance of ice slurry, as well as the operation principle of the ice slurry based thermal storage system. Details of the system design, control strategy and operation performance are given through a case study on a recent installation in Herbis Osaka, the largest simple building complex in Japan. An evaluation of different installations with ice slurry thermal storage reveals that it is a rewarding technology that provides significant operating savings for the building air-conditioning and improves energy utilization efficiency in modern society.