To　optimize　the　properties　of　gypsum　wallboards　incorporated　with　Composite　Phase　Change　Material　(CPCM),　orthogonal　test　was　used,　and　according　to　the　practical　conditions,　the　mechanical　properties　and　thermal　performance　of　gypsum　wallboards　incorporated　with　CPCM　were　studied.　The　results　show　that,　the　compression　and　flexural　strength　of　gypsum　board　decreases　with　the　increase　of　CPCM　content,　and　increases　with　the　increase　of　steel　fiber　content　or　moisture　content.　Under　different　temperature　conditions,　the　influence　of　various　factors　on　the　thermal　conductivity　is　in　a　different　order.　Increasing　internal　relative　humidity　and　steel　fiber　dosage,　leads　to　increase　in　the　thermal　conductivity,　but　increasing　the　CPCM　content　leads　to　decrease　the　thermal　conductivity.　The　thermal　conductivity　of　gypsum　board　is　dependent　on　the　initial　board　temperature.　The　maximum　thermal　conductivity　appears　in　the　phase　transition　temperature　interval　of　CPCM.