Infrared stealth technology is very important in military applications and the stealth coating material is a crucial part in the infrared stealth technology. Firstly, according to the Stefan-Boltzmann law and Kirchhoff law, the principle of infrared stealth is analyzed and the category of infrared stealth coating is presented. Through analysis of different influence factors of coating composition, the ideal coating structure with low infrared emissivity is derived. Then, the research progress of different infrared stealth materials is presented. Their development trend is predicted. The future research will include the fabrication of new stealth materials and the combination of various stealth technologies.