A heat shielding material and method for manufacturing thereof is provided. The method for manufacturing the heat shielding material, includes: providing a tungsten oxide precursor solution containing a group VIIIB metal element; drying the tungsten oxide precursor solution to form a dried tungsten oxide precursor; and subjecting the dried tungsten oxide precursor to a reducing gas at a temperature of 100° C. to 500° C. to form a composite tungsten oxide. The heat shielding material includes composite tungsten oxide doped with a group I A or II A metal and halogen, represented by MxWOy or MxWOyAz, wherein M refers to at least one of a group I A or II A metal, W refers to tungsten, O refers to oxygen, and A refers to a halogen element. The heat shielding material also includes a group VIIIB metal element.