The invention discloses an exterior wall external thermal insulation cement decoration panel with punching metal strips pre-embedded in end surfaces on the two sides of the same. The decoration panel is characterized in that the decoration panel is internally provided with a metal or nonmetal net; three-dimensional decorative patterns are prefabricated on the outer side surface of the decoration panel; an concave edge having appropriate width and depth is arranged on the upper edge of the decoration panel; a full-length bulged key is arranged on the upper end surface of the decoration panel; metal hangers are arranged on the upper end surface of the decoration panel at a certain interval; the end surfaces on the two sides are flat surfaces or flanges with appropriate height are arranged on the edges of the outer sides of the end surfaces; and the punching metal strips are pre-embedded in the end surfaces on the two sides of the decoration panel. When cement decoration panels are assembled, horizontal seams are sunk-key type seams; horizontal dividing seams are formed by the concave edges; vertical seams are punching metal strip lap seams filled with mortar; and vertical dividing seams having the depth identical to that of the horizontal dividing seams are formed. The punching metal strips are high in flatness and high in shape and size accuracy, and well meet requirements of cement decoration panel production. The punching metal strip lap seams are high in tensile strength, and motor can be effectively prevented from cracking and leaking.