The invention provides coated aluminum powder. The coated aluminum powder is prepared from the following raw material components in parts by mass: 10-26 parts of aluminum powder, 5-14 parts of a coloring pigment, 20-50 parts of a solvent, 0.1-1 parts of an etching substance, and 0.04-0.1 parts of an auxiliary agent, wherein the aluminum powder is oily non-floating aluminum powder, the coloring pigment is one of phthalocyanine blue, cobalt blue, malachite green, carbon black, bright red, medium chrome yellow and permanent yellow, the solvent is at least one of xylene, butyl ester, ethanol, 120 # solvent oil and DMF, the etching substance is one of oleic acid and acetic acid, and the auxiliary agent is at least one of a silane coupling agent and a dispersing agent. According to the invention, the coated aluminum powder can be well dispersed in the coating and has the advantages of being low in brightness, adjustable in color and emissivity and the like, and the preparation method is simple in process, low in price, suitable for mass production and capable of being applied to military protection, civil art coating, building coating material and the like.