The hemp-lime concrete as a self-bearing thermal insulation material has a low thermal conductivity and neutral CO2 emissions. However, the strength limitation of lime binder is an issue to use this material as a load-bearing material. Magnesium oxychloride binders are of considerably higher strength level and better bio-compatibility compared to the lime-based binders. In this study, magnesium oxychloride binders were used in combination with hemp shives as a filler to produce composite materials to be used in production of construction panels on industrial scale. These panels consist of an outer and inner border layer and a middle thermal insulation layer. The life cycle assessment of such panels was performed, analysing various impacts on the environment in the production process and comparing it to usual materials with similar thermal transmittance properties. Results of the research showcase that the magnesium-hemp concrete can be used in production of bio-based construction panels because the strength of their outer layers can reach more than 1.0 MPa at 450 kg/m3 density and thermal conductivity for inner layer – 0.062 W/m·K at 210 kg/m3 density. It was proved in the research that the magnesium-hemp panel represents reduced impact on environment by CO2 emissions 6 times less compared to usual construction materials.