The invention relates to an environment-friendly external wall thermal-insulation putty. The putty is prepared by adding paper making white clay slag, steel slag and pure calcium aluminate cement on the basis of the conventional formula, and thus, belongs to a pure inorganic material. The putty has the characteristics of environment friendliness, no toxicity or odor, light weight, higher strength, lower heat conductivity coefficient and the like, and thus, has the advantages of thermal-insulation property, light dead weight, flame retardancy, sound insulation, weather resistance, aging resistance, freeze-thaw resistance, moisture resistance, seepage resistance, stable performance, excellent operating performance, convenient construction, low manufacturing cost and the like, thereby satisfying the determination of the design or construction technical scheme. The putty is suitable for internal / external wall thermal-insulation engineering in the regions with hot summer and cold winter, regions with hot summer and warm winter and part of cold regions, is also suitable for thermal insulation for party walls, floors, channels, basements, floor heating and other positions of the buildings, and can achieve the energy-saving effect. The putty can also be used for energy-saving reconstruction of the existing buildings.