Vacuum insulation panel is regarded as one of the most promising high performance thermal insulation materials for green building. It has extremely low thermal conductivity and its insulation performance is a factor of four to eight times better than that of conventional insulation such as mineral wool or polymer foams. The high thermal resistivity of VIP provides new solutions for slim but still energy efficient building envelopes. Although VIP has widely been used in refrigerators and freezers for a long time, it has only recently been discovered by the building sector. There is not yet any alternative for conventional thermal insulation materials in many countries, especially in China. This paper attempts to investigate the components, features and advantages of VIP for building, it will be helpful to the development of green building.