The purpose of this paper was to discuss the best coating technology of water-based coatings containing microcapsules, and the anti-aging and self-repairing properties of water-based coatings containing microcapsules. Urea-formaldehyde encapsulated Nippon water-based emulsion microcapsules were prepared, and water-based coatings containing microcapsules were prepared. The optical and mechanical properties of the coatings under different coating technologies were investigated. Under the best coating technology, the aging resistance and self-repairing performance of the coating film were investigated. Experimental results showed that coating technology had no effect on color aberration of the coating film. The coating technology with two coats of primer, three coats of topcoat, addition of microcapsules into primer, had excellent glossiness, shock resistance of 12.0 kg·cm, adhesion of 0 grade, and fracture elongation of 26.3%. Compared with the coating film without microcapsules, the coating with microcapsules had better aging resistance and self-repairing property, and the self-repairing rate was about 20.0%. Compared with the paint film with Dulux water-based emulsion microcapsules, the paint film with Nippon water-based emulsion microcapsules had a higher self-repairing rate. This study provides a technical basis for self-repairing water-based coatings.