The present invention provides a heat insulating material comprising a heat insulating formed body and a sheet-shaped porous material bonded to at least a part of the surface of the heat insulating formed body with a binder, wherein the binder comprises: inorganic particles having an average particle size of 0.05 to 50 μm; and at least one of a hydrolysate of a metal alkoxide compound and a sol of a metal oxide. Also, a method for producing the heat insulating material is disclosed.