The invention discloses crack-resistant thermal insulation mortar. The crack-resistant thermal insulation mortar is characterized by being prepared from the following materials in parts by weight: 310-380 parts of cement, 130-160 parts of bentonite, 180-240 parts of phosphorous slag powder, 4-7 parts of acrylate resin, 8-12 parts of methyl cellulose, 120-165 parts of glass beads, 5-8 parts of calcium oxide, 10-12 parts of magnesium oxide, 18-25 parts of creeper roots, 30-40 parts of Japanese banana leaves, 3-5 parts of sodium fluosilicate and 4-7 parts of auxiliaries. The thermal insulation mortar prepared in the invention has the characteristics of being light in volume-weight, low in heat conductivity coefficient, crack-resistant, strong in adhesion stress, excellent in peaceability and construction performance, has the advantages of being waterproof and impervious, and high in compressive strength, and can be widely applied to thermal insulation of interior and exterior walls of a building and other special projects. The crack-resistant thermal insulation mortar disclosed by the invention comprehensively utilizes various waste slag, so that environment is protected, resources are saved, recycling economy effect of changing waste into things of value is realized, product competitiveness is improved, and therefore, the crack-resistant thermal insulation mortar can be popularized and applied.