The aim of many current studies regarding building envelopes is the improvement of their thermal resistance. Many attempts have been taken to develop highly insulating materials for advanced building envelopes. The present research investigates the possibility to include aerogel granules in mortar products. Several samples of Aerogel-Incorporated Mortar were prepared by adding granules of aerogel to different mixtures of mortar. The thermal conductivity and the mechanical strength of each mixture were measured by means of a heat flow meter apparatus and a compressive machine, respectively. The results showed that the thermal conductivity and the mechanical strength linearly decreased by increasing the quantity of aerogel added to the mixes. The best performing mix was found to be the mortar with an addition of 30 vol.% of aerogel granules, which had a density of 1530 kg/m³, a thermal conductivity of 0.24 W/mK, and a compressive strength of 11 MPa. Finally, a Precast Aerogel-Incorporated Mortar Panel was designed and the hygrothermal analysis of the panel was carried out using the software tool WUFI. Results of the study showed that the thermal transmittance of the panel was reduced by 18% compared to traditional precast panels, which suggested that useful energy savings during the lifetime of the building could be achieved.