The invention relates to an infrared stealth material of a multi-coating structure. A preparation process of the infrared stealth material comprises the following steps that firstly, a Fe3O4 @ polyaniline composite material and polyurethane are uniformly mixed in a mass ratio of 5-7 to 4, the surface of a substrate is coated with the mixture by adopting a compressed air method, namely a spraying method to form a wet film, and coating is repeated for 2-3 times, wherein the thickness of the wet film coating ranges from 40 micrometers to 60 micrometers; and after the Fe3O4 @ polyaniline wet filmcoating is cured, Al powder and polyurethane are evenly mixed according to the mass ratio of 5-7 to 4, the wet film is formed again after the surface of the Fe3O4 @ polyaniline coating is coated withthe mixture, coating of the Al layer is repeated for 2-3 times, and the Fe3O4 @ polyaniline/Al polyurethane multi-coating structure infrared stealth material is obtained, wherein the polyurethane coating thickness of the Al powder ranges from 40 um to 60 um. The preparation process is easy and convenient to implement, and the Al @ Fe3O4 @ polyaniline core-shell infrared stealth material has smalldensity, low infrared reflectivity, high transparency and good physical, mechanical and chemical properties.