We have investigated three significant factors affecting emissivity and microwave compatibility of infrared stealth coatings, including type of infrared stealth filler, content and thickness of the coating. It is found that the coating with 30wt% HW-3 aluminum powder as infrared stealth filler and thickness of 20 μm has the lowest infrared emissivity of 0.25. In addition, it can effectively reduce the surface temperature of infrared radiation and remain superior compatibility of microwave absorbance.