In recent years, green vegetation-like camouflage materials have become a research hotspot in multi-spectrum compatible stealth. In this paper, polyurethane resin matrix, yellow and blue paste, and flake aluminum powder were used as the main raw materials, a kind of low infrared emissivity coating with visible near-infrared reflectance spectral characteristics similar to green vegetation was prepared by adjusting the ratio of yellow and blue paste, the amount of flake aluminum powder and total pigment (color paste+aluminum powder). The effects of the ratio of yellow and blue paste, the amount of flake aluminum powder, and the amount of total pigment on the visible near-infrared reflectance spectrum, color characteristics, infrared emissivity, and mechanical properties of the coating were systematically studied, and the infrared stealth effect was evaluated. The results show that the color of the coating varies from emerald green to yellow-green by adjusting the ratio of yellow and blue polyurethane paste in the range of 9∶1~9.8∶0.2, and the reflection peak of the coating in the visible band varies from 541 to 545 nm, which is consistent with the color change of the coating. When the ratio of yellow and blue polyurethane paste is adjusted to 9.6∶0.4, the coating has the characteristics of a green peak similar to that of green vegetation in the visible near-infrared reflectance spectrum, which makes the coating match the yellow-green characteristics of green leaves. The emissivity of the pure color paste coating under different color paste ratios is greater than 0.894, so the coating has no infrared stealth effect. Under the optimum ratio of yellow and blue paste, the emissivity of the coating can be significantly reduced by adding a small amount of flake aluminum powder to the coating. With the increase of flake aluminum powder in the coating, the emissivity of the coating decreases, and the yellow-green color characteristics become lighter. However, the reflection spectrum can still show a yellow-green reflection peak at 545 nm. When the amount of flake aluminum powder in the coating is 10%, the infrared emissivity of the coating can be reduced to 0.679, which is 24% lower than that of the pure paste coating (0.894), and the coating still retains the obvious green peak and yellow-green visible light characteristics. The color characteristics of the coating and the spectral peak characteristics at 545 nm are unchanged when the total pigment content in the coating is adjusted under the optimal ratio of aluminum powder and color paste. When the total amount of pigment in the coating does not exceed 50%, the infrared emissivity of the coating decreases with the increase of the total pigment content. By adjusting the total amount of pigment, it is found that when it is 50%, the emissivity of the coating can be as low as 0.677, and the infrared stealth performance is the best. At the same time, the coating has excellent mechanical properties (adhesion strength is grade 1, flexibility is 2 mm, and impact strength is 50 kg·cm).