Self-made shellac microcapsules and discoloration microcapsules in different proportions were added to water-based coatings and the influence of different proportions of self-healing discoloration microcapsules on the coating performance for Ebiara solid boards was discussed. Through a three-factor, two-level orthogonal experiment, the effects of the content of the addition of discoloration microcapsules, shellac microcapsules, and microcapsules on the performance of the coating were explored; the most influential factor of microcapsules was the shellac microcapsule content. Through the coating repair experiment, after 5 days of repair, the coating without adding shellac microcapsules does not display the repair effect. When the shellac microcapsules and discoloration microcapsules were added simultaneously, the width of the coating decreased by 3–6 μm after 5 days of repair, displaying a good repair effect. The shellac microcapsules have a great influence on the surface roughness of coatings. After adding the shellac and discoloration microcapsules, the hardness of the coating was not significantly affected. It was found that there was no chemical reaction between the coating and microcapsules. The best comprehensive performance was obtained by adding 15.0% shellac microcapsules in primer and 20.0% discoloration microcapsules in topcoat. The results provided a reference for multifunctional wood coatings.