To apply functional honeycomb panels (FHPs) in actual engineering projects, the heat transfer performance and intrinsic heat transfer mechanism of laminated honeycomb panels (LHPs, total thickness of 60 mm) with different structural parameters were investigated in this study by a heat flow meter. The results showed that (1) the equivalent thermal conductivity λequ of the LHP was almost independent of the cell size, when it consisted of a small single-layer thickness. Thus, LHP panels with a single-layer thickness of 15–20 mm are recommended. (2) A heat transfer model of LHPs was developed, and it was concluded that the heat transfer performance of LHPs depends greatly on the performance of their honeycomb core. Then, an equation was derived for the steady state temperature distribution of the honeycomb core. (3) The contribution of each heat transfer method to the total heat flux of the LHP was calculated using the theoretical equation. According to the theoretical results, the intrinsic heat transfer mechanism affecting the heat transfer performance of LHPs was revealed. The results of this study laid the foundation for the application of LHPs in building envelopes.