The high solar reflectance and good colour performance are requisite for the practical application of the colour-cool pigment. In this work, Ce-doped Yb3Al5O12 and (Y, Yb)3Al5O12 ceramic pigments were prepared by the sol-gel method. Both Ce3+ and Ce4+ ions coexist in the doped pigments. Due to the 4f→5d electron transition of Ce3+, the Ce-doped pigments have a selective absorption at around 400–520 nm, which is responsible for the yellow hue. The content of the Ce3+ ion determines the colour performance of the pigment. The size effect from the smaller Yb3+ ion results in an increased content of Ce3+ in the Ce-doped pigments, leading to an improved colour performance. The incorporation of Y3+ ion can effectively decrease the absorption at 975 nm, thereby enhancing the solar reflectance to 80.6 %, while maintaining good colour performance (Yb0.7Y2.1Ce0.2Al5O12, L* = 91.40, a* = -4.89, b* = 45.33). In a simulation experiment, the ceramic glaze coating based on the prepared pigment showed a temperature reduction of 5.2 °C compared to the commercial yellow pigment ceramic coating.