Disclosed herein are a vacuum insulation panel having an improved structure which may improve durability by minimizing a folding process, and a refrigerator including the same.The vacuum insulation panel includes a core material, a first outer skin material that is arranged to form an outer surface of the core material, a second outer skin material that has a gap and forms the other outer surface of the core material, and is disposed to face the first outer skin material, and a third outer skin material that is provided to connect the first outer skin material and the second outer skin material and to be variable in accordance with the gap.