The demand for sustainable, energy-efficient, and durable construction systems has increased significantly in recent decades. Conventional brick masonry and reinforced cement concrete (RCC) walls, although widely used, often fail to deliver optimum thermal comfort, sound insulation, and speed of construction. Insulated Concrete Forms (ICFs) represent a modern alternative that combines structural and insulation benefits into a single system. In this system, hollow blocks or panels made of Expanded Polystyrene (EPS), also known as Thermocol, are assembled as permanent formwork. Reinforcement is inserted inside, and concrete is poured into the hollow core, producing a monolithic structural wall with superior thermal and acoustic insulation. This report presents a comprehensive study of Thermocol (EPS) ICF technology, covering its background, materials, construction process, structural properties, applications, advantages, limitations, and case studies. A literature review highlights the successful implementation of ICFs in North America, Europe, and Japan for energy-efficient and disaster-resistant housing. However, in India, the technology is still in its infancy, with limited awareness and adoption. Supporting data and comparative analysis suggest that ICFs can reduce construction time by 30–40%, cut energy consumption for heating/cooling by 40–60%, and significantly improve comfort levels. The report concludes that EPS ICFs provide a viable solution for sustainable urban development, aligning with initiatives like Smart Cities Mission and green building certification programs. The challenges of cost and skilled labor can be overcome through policy support, training, and indigenous manufacturing. Hence, Thermocol Insulated Concrete Forms are an innovative step toward the future of construction