To reduce the high-temperature distress of asphalt pavement and alleviate the urban heat island effect, one-component polyurea composite phase change cooling coating was prepared. Through the tests of storage time, curing time, hardness and tensile property, the performance variation of one-component polyurea under different latent curing agent dosage were analyzed. Through the tests of road performance and thermoregulation performance, the change rule of road performance and cooling effect of one-component polyurea composite phase change cooling coating under different amount of phase change particle admixture and coating were analyzed. The results showed that the phase-change cooling coating prepared in this study can meet the requirements of road performance. When the dosage of phase change particles is 20% and the amount of coating is 1.2 kg/m2, the maximum cooling effect of the coating reached 3.7 °C under the simulated indoor conditions and 3.3 °C under the real outdoor environment.