Installing thermal insulation material in the wall is a major means of improving building energy conservation. However, traditional building insulation materials have defects in varying degrees, including flammability, low strength, and not environment-friendly. To solve this problem, a novel thermal insulation composite composed of expanded perlite (EP)/wood-magnesium (EPWMC) was prepared by filling EP into wood-magnesium composites. The mechanical properties, frost resistance, thermal insulation performance, flame retardancy, and smoke suppression properties of these composites were characterized by scanning electron microscopy, X-ray diffraction spectroscopy, and cone calorimetry. The results revealed that, for EPWMC composites filled with 60-70 mesh EP, the modulus of rupture and elasticity and softening coefficient were all clearly increased. In addition, the thickness swelling of these materials decreased significantly. An inorganic spatial network structure was observed to be formed by the aggregation of hydration products of magnesium cement, which improved composite strength and water resistance. These positive results effectively extended the service life of EPWMC materials and broadened their scope of use in wet conditions. The observed excellent flame retardant and smoke suppression performances yield these composites as ideal building insulation materials for exterior or interior walls. (C) 2020 Elsevier B.V. All rights reserved.