Marine oil and gas resources are abundant in deepwater regions, where the shallow seabed harbors natural gas hydrate layers due to the cold temperature and high-pressure environment. Hydrates are prone to thermal decomposition, which can compromise the integrity of cement sealing and even lead to accidents like blowouts. While current low-hydrated heat cement systems mitigate hydrate decomposition from cement hydration heat during the waiting period for cementing, they do not address heat transfer from deep strata to shallow hydrate layers through fluid circulation in the tubing during deep oil and gas development. Rather than utilizing costly pipe insulation technology, adjusting the thermal conductivity of well cement emerges as a cost-effective approach to prevent heat loss in the wellbore to the hydrate layer and thus inhibit hydrate decomposition. The critical aspect lies in utilizing insulation functional materials. This study delves into the functional and structural design of insulation materials suitable for cement slurry systems in well cementing, outlining the preparation methods and processes for two insulation materials (SDBW and SDBW-II) tailored for deepwater well cementing. SDBW and SDBW-II are both nuclear shell structural materials. The core is made of high-strength hollow microspheres, produced by using a reverse suspension polymerization method to form spheres followed by high-temperature sintering. The shell consists of a wear-resistant BPA epoxy resin layer, with the surface of SDBW-II also containing highly reflective glass microspheres. Incorporating 20% of material SDBW into the cement reduces the thermal conductivity of the cement stone from 0.8 to 0.31 W·(m·K)-1 while achieving a compressive strength of 6 MPa after 24 h at 20 °C. Material SDBW-II offers both thermal resistance and reflection functions, increasing reflectivity (R) from 0.3 to 0.5. By adding 20% of this material to the cement, under the same conditions, although the compressive strength decreases to 4.2 MPa, the thermal conductivity can be reduced to 0.27 W·(m·K)-1. Furthermore, there is no significant change within 180 days, demonstrating long-term thermal insulation stability. These developed insulation materials can effectively improve the thermal insulation performance of the cement sheath, thereby maintaining the stability of the upper natural gas hydrate layer in the oil and gas production process of deepwater wells, providing an innovative solution for the long-term operation of deepwater oil and gas wells.