Thermotropic (TT) glazing is able to achieve energy-saving capabilities similar to external shading devices by dynamically regulating solar heat gain transmitted through windows in response to ambient climatic conditions. However, the building performance of TT glazing compared to traditional shading devices remains underexplored. This study aims to bridge this knowledge gap by comparing the building performance of hydrogel-based TT glazing and fixed horizontal external shading devices in terms of building energy consumption, daylighting performance, and thermal comfort. Experimental tests were conducted over a continuous ten-day period, focusing on the indoor temperature and illumination distribution within experimental rooms equipped with either TT glazing or fixed horizontal external shading device. Building performance models were developed using EnergyPlus and validated with experimental data. Subsequently, a comparative analysis was then conducted to evaluate the impact of TT glazings and fixed horizontal external shading devices on building energy consumption, daylighting performance, and thermal comfort across five typical climate conditions in China. The findings indicated that: (1) In five climate zones, TT provided the greatest energy savings in West-facing orientations, followed by East-facing orientations. (2) TT can replace fixed horizontal external shading device with a certain length to achieve similar building energy efficiency and indoor thermal comfort performance. (3) In regard to daylighting performance, TT achieved the desired values of sUDI<100lx,50 % and sUDI300–3000lx,50 % across all four orientations in the five climates. (4) In terms of thermal comfort, TT improved thermal comfort by reducing the annual daytime average PPDoverheating across all orientations in the five climate zones.