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Chinese solar greenhouses (CSGs) are characterized by unique walls to reduce the transmission of heat and promote the energy conservation in winter production, which promotes cultivation in the northeast region of China in winter. Effective selection of insulation material is important for the CSG based on the energy consumption and economic analysis. However, choosing the thickness of the insulation material in walls often discussed with the structure of CSG. There is a lack of research combing the optimal insulation thickness for improving the energy conservation. The aim of this study was to find the optimum insulation thickness during the energy conservation based on the structure of walls, the energy consumption in local climatic conditions, the cost of insulation material, and economic payback period over a lifetime. By the economic analysis of insulation thickness, thermal resistance, lifetime energy saving, and payback period, three kinds of typical walls (clay brick (CB), hollow concrete block (HCB) and fly ash block (FAB)) combed with four insulation materials including the expanded polystyrene, the foamed PVC, the perlite, and the rock wool were calculated. The optimum insulation thickness can be found when energy savings reached the maximum. In the northeast region, the association of FAB with rock wool as the insulation layer was the most economic composite wall structure. The optimum insulation thickness was 0.05 m, with the cost only 5 USD/m2. The thermal resistance of composite wall had a significant effect on the payback period. When thermal resistance increased from 0.2 to 1.2 m2K/W, the payback period varied from 0.4 to 4.3 years. What is more, the energy consumption in local climatic conditions had a more significant effect on payback period. It can be assumed that insulation materials are more favored in cold climatic regions where heating degree-days over 1600 °C days for payback periods is less than 2 years. These results have strong practical and economical significance in saving energy and improving the environment of CSG. [ABSTRACT FROM AUTHOR]