Thermal insulation is necessary for deepwater wells to achieve safe and effective production. Based on the comparison of different thermal insulation measures and the control requirements, this paper proposes two indicators to analyze thermal insulation performance. A model is established by considering the wellbore radial thermal resistance and wellbore-formation heat transfer process in order to calculate the two indicators. The analysis shows that there exists an overlapping effective range between vacuum-insulated tubing and insulation-coated tubing, and a similar overlap is observed between insulating liquid and insulated tubing. When comparable insulation performance can be achieved, insulating liquid should be prioritized, while vacuum-insulated tubing should be considered only as the final option. Under high production or a high geothermal gradient, annular temperature change is the primary control objective, whereas under low-production or low-temperature conditions, wellhead temperature becomes the dominant control target. The combination of insulated tubing and insulating liquid exhibits pronounced synergistic effects. In the case of a well under high-temperature and high-production conditions, the composite insulation reduces annular temperature change by 64.26%, and in low-temperature, low-production wells, it increases wellhead temperature by 100.43%. In practical applications, insulating fluids should be preferred, with insulated tubing employed as a supplementary measure.