During the last decades, attention to energy and environmental problems has significantly grown, along with the development of international and national policies addressing sustainability issues. In the construction sector, one of the most widespread energy efficiency strategies consists of thermal insulation of buildings thanks to external insulating panels. Among these, wood fiber is an insulating material characterized by a natural, eco-sustainable and biodegradable structure, coming from the recycling of waste wood from sawmills. The present study aimed to characterize small test building insulated with wood fiber panels from the thermal point of view, comparing the results with those of an identical, non-insulated reference test building. The experimental campaign highlighted several advantages and an excellent thermal performance provided by the eco-sustainable solution of wood fiber insulating panels: Lower values of the thermal transmittance (−57%), thus ensuring greater stability of the internal air temperature and better values in terms of attenuation (−60% in summer and −74 % in winter) and phase shift (+2 h in summer and +2.28 h in winter) compared to those obtained from the reference building. The material is also equipped with an Environmental Performance Declaration (EPD) that certifies its environmental benefits.