The data centers require precise and stable environments to operate optimally for sensitive IT equipments. As the latest IT equipment becomes high density and uses the same or even more electricity than the equipment it replaced, more heat is being generated in data centers. When designing or selecting cooling system of data center, the existing facility infrastructure, the total power level of the installation, the geographical location, the physical constraints of the building and initial installation/operating costs should also be considered. In the present paper, design and economics of thermal control system for data center cooling using cold energy storage system has been proposed and discussed. Two types of cold energy storage system namely: Ice storage system and cold water storage system are explained and sized for a data center with storage capacity of 15,025 RT-h. Basically, the cold energy storage will help to downsize the chiller and decrease its runtime that will save electricity related cost and decrease green house gas emissions from the electricity generation. The proposed cold energy storage system can be connected not only new data center but also the existing data center facilities without major design changes. The ice based cold energy storage system is mainly recommended for medium to big size data centers.