Study is made on thermal conductivity coefficient,shrinkage,dry density,antifreeze and mechanical properties of thermal insulation masonry mortar which was prepared taking fly ash,ordinary Portland cement and different fine aggregates (slag,bottom ash,vitrified microsphere and EPS) as main raw materials. The results show: the contribution of fine aggregates to the strength of thermal insulation masonry mortar is slag,bottom ash vitrified microsphere EPS. Thermal conductivity coefficient of the insulation masonry mortar decreases with decrease of the dry density. Under the same condition,thermal conductivity coefficient of insulation masonry mortar using EPS as fine aggregate is the smallest,and that of using vitrified microsphere is smaller than that of using slag. Adopting different fine aggregates can prepare the thermal insulation masonry mortar with different strength grade.