Due to the significant and harmful effect of the global warming on our communities, health, and climate, the usage of thermal insulation material in building is must to decrease the energy consumption and to improve energy efficiency. On the other hand, the utilization of waste and biomass resources for developing new bio-based composite materials is attracting much attention for the environmental and socioeconomics. Therefore, in this study, thermal insulation bio-based composite panels from Tetra Pak (R) waste and wool fiber waste with different ratios were manufactured. Likewise, other sandwich bio-based composite panels were manufactured using Tetra Pak waste as a core material with glass woven fabric and jute wove fabric as skin materials. Thermal conductivity and thermal resistance results showed a significant improvement on thermal insulation properties of the developed biocomposite panels compared to the control samples made of plain Tetra Pak (R).