The coefficient of heat conduction is a key target to judge thermal insulation effect of EPS thermal insulation mortar for external wall.The relations of heat conduction coefficient with mortar constituents,dry density,hole size and distribution were researched.The effects of EPS grain,expanded perlite,active silica fume and air-entraining agent on the dry apparent density and heat conduction coefficient of thermal insulation mortar were analyzed.It is obtained from the experiments that thermal insulation mortar with good workability,dry density of 210 kg/m3,heat conduction coefficient of 0.058 W/(m·k) and adhesive strength of 0.32 MPa can be prepared by adding 8% EPS grain,8% active silica fume and 0.8% air-entraining agent.