The invention discloses a multifunctional thermal insulation, sound insulation and waterproof interior and exterior wall putty and its manufacturing method, which comprises the following components: 50 to 55 parts of multifunctional emulsion, 15 to 20 parts of aluminum silicate ceramic fiber, 25 parts of zirconia hollow microspheres ~30 parts, titanium dioxide 1~2 parts, dispersant 2~5 parts, defoamer 0.5~1 part, suspending agent 1~2 parts. The invention provides a compatible material that integrates thermal insulation, damping sound insulation, and impermeability and waterproof. In order to effectively solve the problem of building heat insulation, sound insulation, and waterproof materials with different functions, it is easy to build and discharge materials when they are constructed separately. Different shrinkage values and different adhesions will cause problems such as hollowing, cracking, falling off, water seepage and loss of function for a long time, and provide comprehensive thermal insulation, damping sound insulation, impermeability and waterproof compatibility. It can effectively reduce the cost of materials, construction and production by completing the construction at one time.