This work shows the potential of highly porous thermal insulation made of short basalt super-thin fibers chopped using liquid technology for insulating cryogenic piping. The effective heat conductivity coefficient, maximum-permissible porosity and insulation density were determined for short basalt fibers with a mean diameter of 1.88 mcm and a length of 1.0–1.5 mm, taking into account radiation heat transfer. The results of compression tests are presented for highly porous flat insulation samples made of short basalt fibers without binding agents and those reinforced with Al2O3. It is established that the thermal insulation material containing a binding agent has the strength, elasticity modulus and elastic compression deformation two times higher than samples without a mineral binding agent.