To provide a thermal insulating coating film, which can achieve excellent thermal insulating performance and far-infrared ray reflection performance when formed on, for example, the surface of an outer wall or inner wall of a house and which has excellent adhesiveness and durability. The thermal insulating coating film of the present invention contains a styrene-alkyl acrylate copolymer or a butyl acrylate-styrene copolymer, a white pigment, and hollow acrylic beads. The mass ratio of styrene-alkyl acrylate copolymer or butyl acrylate-styrene copolymer and hollow acrylic beads (hollow acrylic beads/styrene-alkyl acrylate copolymer or butyl acrylate-styrene copolymer) is 1 or less.