Abstract In this study, we aimed to develop stable silicone rubber Pickering emulsions by employing silica nanoparticles as stabilizers in order to produce a water-borne thermal protection coating. Initially, silica nanoparticles were synthesized using the Stöber method and subsequently functionalized with γ-glycidoxypropyltrimethoxysilane (GTMS). The size and grafting efficiency of the GTMS-modified silica nanoparticles were characterized using transmission electron microscopy and thermogravimetric analysis, respectively. Furthermore, the functionalization mechanism was elucidated by monitoring the pH and Zeta potential of the silica sols. Subsequently, the silicone rubber Pickering emulsion was prepared via the emulsion inversion point method and characterized using transmission electron microscopy. The emulsification process was analyzed by measuring the conductivity of the emulsion during the phase transition. Finally, the water-borne coating was formulated by blending the emulsions with Kaolin, glass fiber, and glass microspheres. The thermal protection performance of the resulting coating was evaluated under typical test conditions, with the highest heat flow reaching 242 kW m−2 for 40 s.