Fabric-based infrared (IR) stealth composites with thermal insulation and low emissivity are desirable for improving IR camouflage of military targets and thermal management of special environments. Therefore, a flexible and foldable composite fabric with a sandwich structure is delicate designed in this work aiming to realize dual-modes IR effects. Polyester fabric chemically plated with copper-nickel (Cu/Ni@PF) and aluminum foil (AF) are on the top and bottom, respectively, acting as low emissivity layers. The medium layer is constructed by silica aerogel microspheres (SAM) with thickeners and waterborne polyurethanes (WPU) functioned as thermal insulation. The thermal conductivity of as-prepared composite fabric is only 0.05904 W/(m·K). When the AF is heated to 70 °C, the introduction of the SAM in the medium layer with the thickness of 300 μm makes Cu/Ni@PF as top surface exhibit a obvious temperature difference of 11.7 °C, demonstrating excellent thermal insulation. The AF maintains a low emissivity of less than 0.2, and the emissivity of Cu/Ni@PF was also as low as 0.296 at 8–14 μm, which can effectively shield the IR signal. Thanks to the Cu/Ni@PF as the top surface, the radiation temperature displays only 36.3 °C when heated at 70 °C, which meaning the dramatic IR signal strength reduce. Therefore, this dual-modes flexible and foldable composite can be a potential candidate in the IR stealth fields.