In order to further reduce the emissivity of the hydrophobic low infrared emissivity composite coating and improve the mechanical properties of the coating, the dispersant, adhesion enhancer, and defoamer were used to improve the dispersion state of the fillers, the interface structure, and the surface state of the hydrogen silicone oil modified polyurethane/Al composite coating. The effects of dispersant, adhesion enhancer, and defoamer on the micro-structure, emissivity, glossiness, hydrophobic property, and mechanical properties of the coating were systematically studied. The results show that the polycarboxylate anionic dispersant can obviously improve the dispersion state of flake Al powder and nano-SiO2 in the coating, so that the infrared emissivity of the coating can be reduced, and the coating can have higher hydrophobic and mechanical properties. The bonding strength between the resin matrix and the metal substrate of the coating can be significantly improved by the adhesion enhancer through the bridging action, so that the adhesion strength and impact strength of the coating can be significantly improved. The defoamer can significantly reduce the pores in the coating, so that the surface state of the coating can be significantly improved, and the mechanical properties of the coating can be significantly improved. The coating has the best emissivity (0.527), glossiness (4.3), adhesion strength (grade 1), impact strength (40 kg.cm), and hydrophobic property (water contact angle (WCA) is 140o) when the amount of dispersant, adhesion enhancer, and defoamer is 5 wt%, 4 wt%, and 1 wt%, respectively.