To provide a heat insulation coating which is obtained by using a particle, that is prepared easily, is inexpensive and has excellent strength, and which has a satisfactory heat insulation effect.

A heat insulation coating contains a synthetic resin emulsion and crystal powder having 150-500 μm average particle size and <1,000 μm maximum particle size and has 45-50 wt.% crystal powder content. The synthetic resin emulsion has a hydroxyl group as a functional group and the hydroxyl value of the resin solid content thereof is 0.1-100 mgKOH/g.