The work aims to improve near-infrared absorption and heat resistance of polyurethane (PU)/Sm2O3 composite coating. With Sm2O3, PU and graphene as pigment, adhesive and modifier, respectively, graphene modified PU/ Sm2O3 composite coatings were prepared in spraying method. Rule of influence of graphene modification on the near-infrared absorption and heat resistance of the coatings was systematically investigated from the perspectives of near-infrared reflectivity, appearance, microstructure, mechanical properties, etc. Graphene modification could significantly reduce reflectivity of PU/ Sm2O3 composite coatings to 1.06 μm near-infrared light. When addition amount of graphene was 8 wt%, the near-infrared reflectivity of the coatings to 1.06 μm near-infrared light could significantly reduce from 60.4% to 17.3%, which greatly enhanced stealth efficacy of the coatings to 1.06 μm laser. The graphene modification could improve heat resistance of the coating, color burn due to heat treatment was improved for the modified coating. Meanwhile, the modified coatings could maintain more stable and superior mechanical properties than the unmodified coating. Hardness, adhesion and impact strength of the modified coatings subject to heat treatment at different temperature could be maintained at 3H, grade 1 and 50 kg?cm, respectively. The near-infrared absorption property of PU/Sm2O3 composite coatings can be significantly improved by graphene modification, and heat resistance of the coatings can be improved to a certain extent, hence the coatings can better meet the requirements of practical engineering application.