A comprehensive understanding of the environmental impacts of buildings is not possible without knowledge of the technical and environmental properties of the materials that are used for their construction. This paper evaluates the environmental impacts of 156 material variations of conventional compositions of external bearing walls, which represent a significant part of a building's envelope. Environmental (embodied energy, global warming potential, effects to human health, damage to ecosystems, and resources availability) and technical (surface temperature, number of layers, thickness, and weight) parameters are investigated for structures with similar heat transfer coefficients (U = 0.21-0.22 W/(m(2)K)). Based on a multi-criteria analysis, an optimal material composition, consisting of aerated concrete with graphite polystyrene, was identified. By analyzing the costs of the best material compositions, it is observed that constructions with environmental benefits do not result in an increase in the cost of the construction. On the contrary, at present, they represent an approximately 10% cheaper solution.