EPS and XPS thermal insulation boards are still widely used in building insulation in Turkey. However, the implementation of these materials has not allowed in recent years due to low fire resistance in high-rise buildings. It is possible to use materials of Class A fire resistance such as glass wool-stone wool sheets and thermal insulation plasters in such buildings. However, the significant problems encountered in glass wool - rock wool sheets are high water absorption and high unit costs. Many different brands and types of product which is defined as thermal insulation plaster are present in Turkey. However, it is a known fact that most of these products are problematic especially in terms of thermal conductivity. The aim of this study is to develop a new product with high performance, economical and easy application. Portland cement and lime as binder and, expanded perlite, coated perlite, sphere glass and diatomite as lightweight aggregate were used as binders in foam plaster mixtures. The density of the foam is 85 g/L. The water/binder ratio (0.5) was kept constant in all mixtures. Fresh and dry densities, compressive and flexural strengths, capillary water absorption and thermal conductivity tests were carried out on the specimens. Foam plaster specimens have a dry density of 250 kg/m3, a compressive strength of 250 kPa at 28 days, a capillary water absorption of 0.4 kg/m2 and a thermal conductivity of 0.065 W/mK. The unit costs of foamplasters are 1.5-3.5 times lower than conventional thermal insulation materials. As a result, the study showed that cement based foam plaster can be an alternative to traditional thermal insulation materials.