Based on the minimum thermal resistance theory and homogenization method, the effective thermal conductivity of hollow beads insulating mortar was estimated. With ANSYS imitating the heat transmission of the 2D unit model of hollow beads insulating mortar, we can find it will bring about calculation errors by considering the extreme cases of the transverse thermal resistance of resistance network. Compared with the effective thermal conductivity of 3D unit cell model calculated by ANSYS with three kinds of theoretical calculating value, it is more accurate than the effective thermal conductivity of unit calculated by the model of effective thermal resistance average. A model was built by assuming transverse thermal resistance infinitesimal and infinite. Final laboratory finding also confirms this conclusion. With only 0.2% deviation between the experiment values and the calculation of theoretical model, it is feasible to estimate the effective thermal conductivity of hollow bead insulating mortar.