The possibility of replacing bottom ash waste (ASW), which serves as the main raw material for the synthesis of such materials, with drill cuttings (DC) was investigated. It was found that DC, unlike ASW, has high crystallinity and low reactivity, which limits its content in the raw mixture. Experiments have proven that the optimal replacement is 25 wt. % of ASW with DC. The resulting material is characterized by a uniform porous structure with an average pore size of 1.8 ± 0.2 mm, a density of 311 kg/m3, and a compressive strength of 1.02 MPa, which is comparable to a sample based on pure ASW (the difference in properties does not exceed 3 %). Increasing the DC content above 25 wt. % leads to an increase in the SiO2/Al2O3 ratio, premature gas evolution, and pore collapse, which degrades the thermal insulation properties. The obtained results demonstrate the possibility of using large-tonnage drilling waste for the production of building thermal insulation materials.