The density, compressive strength, and thermal insulation properties of fly ash geopolymer paste are reported. Novel insulation material of glass bubble was used as a replacement of fly ash binder to significantly enhance the mechanical and thermal properties compared to the geopolymer paste. The results showed that the density and compressive strength of 50% glass bubble was 1.45 g/cm3 and 42.5 MPa, respectively, meeting the standard requirement for structural concrete. Meanwhile, the compatibility of 50% glass bubbles tested showed that the thermal conductivity (0.898 W/mK), specific heat (2.141 MJ/m3K), and thermal diffusivity (0.572 mm2/s) in meeting the same requirement. The improvement of thermal insulation properties revealed the potential use of glass bubbles as an insulation material in construction material.