The rapid development of infrared surveillance technologies has attracted great attention for scientists to design advanced functional materials with prominent infrared stealth and thermal camouflage effectiveness. In the current study, a sandwich‐like functional composite based on a crosslinked polyimide aerogel, a meso‐erythritol (mE)‐based phase‐change composite, and an MXene film has been developed to achieve long‐term thermal camouflage at elevated temperatures. In this composite system, the lower aerogel layer can act as a barrier to insulate heat transfer through its layer‐stacking structure under ultralow directional thermal conduction. The introduction of the middle phase‐change composite layer ensures that the composite system obtains a dynamical temperature‐regulation capability through sensible and latent heat absorption of mE as a phase change material, while the upper MXene layer provides a very low emissivity surface for the system. As a result, the developed composite achieves a significant reduction in the thermal radiation temperature of a high‐temperature target. Moreover, the MXene film exhibits good electromagnetic interference shielding effectiveness, making the sandwich‐like composite obtain a thermal camouflage capability in various complicated scenarios. This work provides a promising approach for the design of advanced functional materials to realize long‐term infrared stealth and thermal camouflage of high‐temperature targets in security protection and counter‐surveillance.