In order to improve the insulation property of walls, hollow ceramic microspheres are applied to produce insulation coating. The thermal conductivity meter and electro-mechanical universal testing machine controlled by the microcomputer are employed to do research on the impacts that different proportions of ingredients have on the thermal conductivity, tensile and bonding strength and waterproof performance. According to the experimental results, with the increase of hollow ceramic microspheres and the decrease of resin, the thermal conductivity reduces to a certain degree. However, the tensile strength and waterproof performance become worse. As a result, under the premise of ensuring the tensile strength and waterproof performance conform to the national standards, it is rational to increase the proportion of hollow ceramic microspheres as much as possible to achieve a better thermal insulation performance.