A novel thermal insulation composite material is fabricated by dry laminating technology and flow-casting laminating process. The sandwich structure has perfect performance of thermal insulation and high cost effective. Moveover, the effects of different parameters such as bubble layers, bubble diameters, reflective layers and aging treatment temperature on the thermal conductivity are investigated. Test results indicate that the thermal conductivity of the composite increases with the number of bubble layers increasing, while decreases with the increase of the bubble diameter. The reflective layer affected the thermal insulation of the material. The thermal conductivity of the composite decreases after 40—100 ℃×24 h aging, but its thermal insulation is promoted.