The invention discloses an insulation and decoration integrated system suitable for a steel pipe bundle shear wall structure and a construction process thereof. The insulation and decoration integrated system comprises an insulation and decoration plate (1), a filling layer (2) and a C-shaped steel joist (3). The insulation and decoration plate (1) is fixed to the C-shaped steel joist (3). The C-shaped steel joist (3) is fixed to the steel pipe bundle shear wall structure (4). The filling layer (2) is adopted between the insulation and decoration plate (1) and the steel pipe bundle shear wallstructure (4) to fill the gap of the C-shaped steel joist (3). Through the insulation and decoration integrated system suitable for the steel pipe bundle shear wall structure and the construction process thereof, a series of problems of poor sound insulation performance of walls of cold bridges of beam and column parts of a steel structure building, water leakage existing in a joint part and hidden danger of falling of a thermal insulation system are solved, and the insulation and decoration integrated system is a comprehensive outer enclosure wall system comprising and integrating an outer wall enclosure, thermal insulation, water prevention, fire prevention and decoration.