This paper is focused on the energy performance of buildings containing massive exterior building envelope components. The effect of mass and insulation location on heating and cooling loads is analyzed for six characteristic wall configurations. Correlations between structural and dynamic thermal characteristics of walls are discussed. A simple one-room model of a building exposed to periodic temperature changes is analyzed to illustrate the effect of material configuration on the ability of a wall to dampen interior temperature swings. Whole-building dynamic modeling using DOE-2.1E is employed for the energy analysis of a one-story residential building with various exterior wall configurations for six different US climates. The best thermal performance is obtained when massive material layers are located at the inner side and directly exposed to the interior space.