The invention discloses a heat-insulation imitation stone paint for exterior walls, which comprises the following components by weight: 5-9 parts of deionized water, 0.1-0.2 parts of cellulose thickener, and mineral oil defoamer 0.05-0.15 parts, 0.05-0.15 parts of wetting agent, 0.05-0.15 parts of propylene glycol, 0.1-0.5 parts of nano-silver antibacterial agent, 0.3-0.7 parts of silicone water repellent, 0.05-0.15 parts of lauryl alcohol ester, nano-TiO2 photocatalyst 2-6 parts of colloid, 1-3 parts of nano-zirconia dispersion, 10-14 parts of silicone acrylic emulsion, 2-5 parts of polyurethane modified elastic emulsion, 1-5 parts of inorganic potassium silicate, 2-2 parts of PU thickener 5 parts, 45-55 parts of reflective sintered colored quartz sand, 10-20 parts of reflective sintered colored ceramic hollow microspheres. The invention has the effect of realistic imitation of natural stone, efficient near-infrared reflection performance, good heat insulation, rich colors, good self-cleaning performance, long-lasting heat insulation, good water resistance, good crack resistance, light weight and long coating life Long, wide applicability, with excellent economy.