Water-based infrared stealth coating in 8-14 μm wavebands was studied from three aspects, matrix resin, filler and the properties of coating. Infrared emissivity in 8-14 μm wavebands was measured by infrared emissometer, infrared absorption was measured by infrared spectrometer(IR), and the surface morphology of the coating was observed by scanning electron microscope(SEM). The results show that acrylic resin are infrared transparent in 8-14 μm wavebands and suitable for matrix resin; the aluminum paste with low infrared emissivity is easily disperse in water-based coating and suitable for filler. The size, content and form of filler are great influence on the emissivity of coating. Steel plate was chosen as a substrate, the acrylic resin as matrix resin. When the size of the aluminum paste is 2 000 mesh, the aluminum paste with 50% leafing aluminum is chosen as the filler, and the content of filler is 15%, the coating infrared emissivity is 0.34.