Heat loss in buildings depends on the performance of thermal insulation materials. Recently several researchers have carried out work to improve the performance of thermal insulation materials. Vacuum Insulation Panels (VIPs) have been identified as highly efficient insulation materials (about five times better than the conventional insulation materials). The k-value of VIP could be as low as 0.0025W/m.K. VIP with 20mm can achieve a high insulation performance and it can be used instead mineral wool insulation of 185mm thick or similar conventional insulation materials. Due to small thickness, VIPs can help to save floor area required in the buildings and so minimize the cost of construction. However there are some obstacles that have hindered the wide spread applications of this kind insulation such as thermal performance of VIPs is reduced over the time due to air leakage. This paper is concerned with review the properties of VIPs, core materials and VIP applications.