The invention relates to external wall elastic napping coating with thermal insulating function. The coating consists of the following components in percentage by weight: 40 to 50 percent of elastic acrylic emulsion, 10 to 15 percent of titanium white, 1 to 2 percent of freeze proof agent, 0.3 to 0.8 percent of defoamer, 0.1 to 0.15 percent of bacteriacide, 0.1 to 0.15 percent of wetting agent, 0.5 to 1 percent of film-forming additive, 0.1 to 0.2 percent of cellulosic thickener, 0.1 to 0.4 percent of dispersing agent, 1 to 1.5 percent of alkali swelling thickener, 3 to 5 percent of hollow glass microspheres, 5 to 8 percent of expanded perlite, 2 to 5 percent of vermiculite, 3 to 5 percent of sericite, 5 to 8 percent of coal ash filler, and 10 to 20 percent of water. Besides decorating and protection functions of conventional external elastic napping coating, the coating has the special function of thermal insulation.