Ni-P modified hollow cenosphere was used to prepare infrared stealth coating. Infrared Spectrometer, Scanning Electron Microscope, Infrared Emissivity Testing Device are used to study the performance of the infrared stealth coating. Influencing factors of infrared emissivity of coating are analyzed comprehensively. The lowest emissivity of infrared stealth coating in 8-14um wavebands is 0.63 and the ability of controlling the coating surface temperature is raised.