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In-memory computing (IMC) is an emerging non-von Neumann paradigm that leverages the intrinsic physics of memory devices to perform computations directly within the memory array. Among the various candidates, phase-change memory (PCM) has emerged as a leading non-volatile technology, showing significant promise for IMC, particularly in deep learning acceleration. PCM-based IMC is also poised to play a pivotal role in cryogenic applications, including quantum computing and deep-space electronics. In this work, we present a comprehensive characterization of PCM devices across temperatures down to 5 K, covering the conditions most relevant to these domains. We systematically investigate key physical mechanisms such as phase transitions and threshold switching that govern device programming at low temperatures. In addition, we study attributes including electrical transport, structural relaxation, and read noise, which critically affect read-out behavior and, in turn, the precision achievable in computational tasks.