PURPOSE: To obtain a heat insulating panel which is easy to manufacture and has high partial compression strength and bending strength and obtain further the heat insulating panel which is strong against water and fire retardant.

CONSTITUTION: A heat insulation panel 1 is obtained by sticking paper 3 to at least one surface of a foam 2 comprised of a synthetic resin foam by a hot-melt adhesive 4, the heat insulation panel 1 for which a sheet obtained by sticking aluminum foil and paper to each other is used in place of the paper 3, a water repellent material is applied to the surface of the paper 3 of the heat insulation panel 1, the synthetic resin film is laminated and furthermore strength of the paper 3 is made high or the paper 3 is made into fire retardant paper.