To efficiently reduce building energy wasting, and to provide the energy conservation material and good airtightness enclosure to building field, rice-hull mortar is researched and developed as a material for wall. The strength, density, thermal conductivity and freezing resistance are studied by experiments. The rice-hull mortar lightweight composite wall panel is composed by compositing rice-hull mortar, steel bar and rock wool panel, and the fire resistance, and the sound insulation and heat-insulating properties are studied. The experimental result shows that this wall panel has good properties in fire resistance, sound insulation and heat-insulating, it can satisfy the related code for physical and mechanical properties. The design method and structural measures of rice-hull mortar lightweight composite wall panel are put forward, and the economic benefit of the wall panel is analyzed.