The increase in the use of aerated concrete blocks (AAB) in construction walls has increased the demand for specialized plastering mortar, which should have the characteristics of high water retention, low water absorption, low thermal conductivity and high toughness. This study scrutinized the potential of expanded and vitrified small ball (EVSB) and expanded perlite as lightweight aggregates, and the beneficial effect of a modifying additive based on a mixture of ethylene-vinyl acetate (EVA), hydroxypropyl methylcellulose (HPMC) and fibers has been proved. The dry density, consistency, water absorption, mechanical strength, pore characteristics and micro morphology of the plaster mortar were evaluated. It is manifested by enhanced toughness, reduced dry density, and optimized pore structure characteristics. The relationship between mass water absorption and freeze-thaw cycle resistance is established, which shows that when the mass water absorption is 20%, the mortar exhibits better freeze resistance. After 25 freeze-thaw cycle tests, the mass loss was 0.26% and the strength loss was 1.41%. Through the comparison of test results, a new composition of plastering mortar is provided: cement: fly ash: water: heavy calcium carbonate: quartz sand: EVSB: EVA: HPMC (100,000 mPa·s): fiber = 70: 30: 76: 12: 250: 24: 2: 0.3: 0.2.