In order to meet the requirement of high-performance waterborne wood lacquer products for wood-based panels, waterborne wood paints were developed in the laboratory. The formulation design and coating performance were evaluated. The emulsion and auxiliaries were selected for the corresponding system. The properties of the waterborne film applied on medium-density fiberboard（MDF） were tested. The results showed that at the ratio of acrylic emulsion and polyurethane modified acrylic emulsion of 35∶30, with 5% film builder and 20% titanium white pulp, the coating hardness reached 2H, the adhesion strength reached Grade 1 of GB/T 9286—1998. The resistance of the coating to vinegar and alcohol were excellent. The overall performance of the waterborne coating was optimal.