Microwave coincidence imaging (MCI) represents a novel forward-looking radar imaging method with high-resolution capabilities. Most MCI methods rely on random frequency modulation to generate stochastic radiation fields, which introduces the complexity of radar systems and imposes limitations on imaging quality under noisy conditions. In this paper, microwave coincidence imaging with phase-coded stochastic radiation fields is proposed, which generates spatio-temporally uncorrelated stochastic radiation fields with phase coding. Firstly, the radiation field characteristics are analyzed, and the coding sequences are designed. Then, pulse compression is applied to achieve a one-dimensional range image. Furthermore, an azimuthal imaging model is built, and a reference matrix is derived from the frequency domain. Finally, sparse Bayesian learning (SBL) and alternating direction method of multipliers (ADMM)-based total variation are implemented to reconstruct targets. The methods have better imaging performance at low signal-to-noise ratios (SNRs), as shown by the imaging results and mean square error (MSE) curves. In addition, compared with the SBL and ADMM-based total variation methods based on the direct frequency-domain solution, the proposed method’s computational complexity is reduced, giving it great potential in forward-looking high-resolution scenarios, such as autonomous obstacle avoidance with vehicle-mounted radar and terminal guidance.