As part of recent low-energy policies, thermal insulation standards for buildings are being tightened every year. In addition, the conventional styrofoam insulating material has a problem that the thickness of the heat insulating material to achieve a standard heat permeability is rapidly increased. Due to the thick insulation, there is a high risk of spreading vulnerable structures such as fire due to lack of space between buildings. On the other hand, the method of using the insulation as a formwork is known to be excellent cost saving effect through the reduction of the formwork usage and the simplification of the external insulation work. In order to solve this problem, this study aims to fabricate a multi-layered insulator that combines high-performance phenolic foam insulation and styrofoam insulation and evaluate the deflection characteristics for use as formwork.