The key to building energy conservation is how to make the exterior wall have good thermal insulation performance, reduce the heat loss of the building’s peripheral structure, develop new exterior wall insulation materials, and effectively achieve energy saving. In this paper, a new type of composite silicate insulation material was prepared by using fly ash, sepiolite fiber, basalt fiber, and cement as raw materials. According to the analysis of the action of each component of the composite silicate thermal insulation material, the composite silicate thermal insulation material is prepared by selecting different raw material ratios, and the fly ash and sepiolite fibers are analyzed by a thermal conductivity measuring instrument and a hydraulic universal testing machine. The influence of water-cement ratio on the thermal conductivity, tensile strength, and compressive strength of composite silicate insulation materials. Through research, it is found that this composite silicate exterior wall insulation material utilizes some abandoned resources to help the building exterior wall to store thermal energy. The preparation process is simple, the insulation performance is good, the mechanical strength is high, and there is great promotion value and application prospect.