With the increasing depletion of shallow resources, mining has gradually shifted to deeper levels, and the high-temperature problem of deep mining has restricted the efficient and safe development of mining. In this study, five types of thermal insulation materials for surrounding rocks with different ratios were produced using tailings, P.O.32.5 clinker, aluminum powder, glass beads, quick lime, and slaked lime as test materials. Based on the uniaxial compression test, the thermal constant analysis test, and numerical simulation analysis technology, the change rule of mortar compressive strength and thermal conductivity was analyzed, and the cooling effect of surrounding-rock thermal insulation materials with different ratios was discussed. The results showed that the compressive strength of the surrounding-rock thermal insulation materials ranged from 0.39 to 0.53 MPa, and the thermal conductivity ranged from 0.261 to 0.387 W/(K·m), with the compressive strength of ratio E being the largest and the thermal conductivity of ratio A being the lowest. In the numerical simulation analysis results, the thermal insulation layer thickness was taken as a value of 10 cm when, at this time, the best thermal insulation effect and economic benefits involved a temperature reduction of 0.9 K. In the case of changing the thermal conductivity and inlet wind speed, the original temperature of the rock temperature reduction was also very clear, with maximum reductions of 0.92 K, 0.92 K, and 1.42 K.