The physics of transient behavior of liquid drops impacting hot and cold surfaces is of significance in many different applications such as spray cooling, condensation and aircraft icing, and analogous to the process of bubble formation and departure in boiling. The resulting local thermal transients in these processes are primarily dictated by passive parameters such as substrate and liquid thermal properties and flow conditions. We are exploring the use of a surface-embedded phase change material (PCM) to actively manipulate these thermal transients as a means to enhance overall heat transfer performance. The thermal effect of the embedded PCM can be parametrically studied using controlled drop impact experiments. In this work, we perform an analytical and numerical study to model the effect of a liquid drop impacting a hot PCM-embedded substrate. By solving an analytical heat transfer solidification problem, we study the effect of PCM properties and PCM initial temperature on the thermal transients encountered during drop impact. Further, we validate the numerical analysis by showing agreement with experimental results.