The invention discloses waterproof thermal insulation mortar with high performance. The mortar is prepared from, by weight, 800-900 parts of ordinary Portland cement, 100-150 parts of heavy calcium, 100-150 parts of modified straw ash, 12-14 parts of reproducible dispersed rubber powder, 100-130 parts of modified fly ash, 50-70 parts of modified gypsum, 3-5 parts of HPMC, 3-5 parts of PVA, 2-3 parts of wood fiber, 1-2 parts of polypropylene fiber, 50-100 parts of silica fume and 42-65 parts of modified expanded glass beads. The disclosed waterproof thermal insulation mortar with the high performance has high strength, great bonding performance and waterproof performance and no hollow and cracking phenomena and can be used by adding water and conducting stirring on site and directly appliedto a dry wall. The mortar overcomes the defects that the water absorption rate of traditional common thermal insulation mortar is high, powdering is caused easily, the volume shrinkage rate is high in a slurry mixing process, the heat insulation performance of products is lowered in a later period, and the hollow and cracking phenomena are easily caused.