The work aims to prepare low density and compression resistance thermal protection coating by taking silicone rubber as resin matric and adding reinforce fillers, hollow microspheres, agents, dispersion solvent, etc. The design idea was analyzed based on features of low density and compression resistance coating; then the ingredients of coating were studied according to storage stability of reinforced silicone rubber, filler and coating; finally the physical, adhesive, curing and compression properties were analyzed. The low density and compression resistance thermal protection coating had good flexibility, high strength and low porosity. Low density and high compression resistance were both obtained by optimizing the reinforced filler proportion and compounding the hollow microspheres. The layering and agglomeration phenomenon of the low density coating was improved dramatically by adding anti-settling agents. The prepared low density and compression resistance thermal protection coating was completely curried after 6 days at room temperature. The density of coating was 0.457 g/cm3, the tensible strength was 1.51 MPa and the coating and the base materials were bonded well. The coating thickness decreased by 12%~13% after 20 days at 2 MPa. The prepared low density and compression resistance coating can be used to protect aerodynamic heat in future due to the density below 0.5 g/cm3, and the good compression resistance.