This paper reports the effects of different formulas on the performance of waterborne polyurethane (WPU), including two-component WPU and curing agent, wetting dispersant, defoaming agent, and wetting agent. The optimization of rheological additives selection, through the optimization of coating physical properties and chemical properties, can make the film show uniform color and appearance without pinholes, bubbles, or wrinkles, and have a long probation period. Through the analysis of performance after a 1000-h quick ultraviolet (QUV) aging test, the light reduction rate is 23.19%, and the color difference is 1.9. As can be seen from the scanning electron microscope (SEM) image and the three-dimensional stereomicroscope, the film shows relatively uniform dispersion, good compactness, and smooth surface. The two-component WPU topcoat is found to have high gloss 87.1 (60°) and high weather resistance, which provides a positive indication for the modulation and production of waterborne locomotive paint.