Since cork has low density, low thermal conductivity, and water resistance, mixing cork with mortar can effectively improve the thermal and moisture insulation of mortar materials. In this study, cement-cork mortars with different cork volume admixtures was prepared. The fresh state consistency and compressive strength of cement-cork mortars were studied. The porosity and pore distribution characteristics of the prepared samples were obtained using microparticle mercury porosimeter. The thermo-physical parameters (thermal conductivity, specific heat, heat storage coefficient, and thermal diffusivity) and hygric properties (isothermal adsorption curve, liquid water diffusion coefficient, and water vapor permeability) of cement-cork mortars were studied experimentally. Meanwhile, The variation of thermo-physical parameters of the prepared samples with temperature (within the range of 20–70 °C) and moisture content (with the relative humidity range of 0–100%) were obtained. The results show that the hygro-thermal parameters of cement-cork mortars decreased with the increase of cork content (the largest decrease in thermal conductivity was 52.6%, whereas the drop in liquid water diffusion coefficient was 87.9%). Furthermore, temperature and moisture content had great influence on the thermo-physical parameters of the samples (the maximum growth rates of thermal conductivity and specific heat within the studied temperature range were 7.5% and 27.3%, respectively, whereas the corresponding values within the studied range of moisture content were 60.7% and 26.7%, respectively).