The change of the thermal properties of exothermic and insulating materials with the mixing condition of raw materials which is the most important factor for exothermic & insulating materials was investigated by using the evaluation system of the thermal properties of exothermic and insulating materials. In this study, the effect of the thermal properties of the exothermic & insulating materials such as exothermic properties, endothermic properties, insulating properties, maximum temperature of molten metal, ignition time of exothermic & insulating materials and temperature recovery time on the mixing ratio of reductant and oxidant, types of reductant, and particle sizes of reductants was examined. It could be expected to design the mixing condition of raw materials for various exothermic and insulating materials.