As an environmentally friendly coating, waterborne coatings have broad application prospects in paper packaging products in food and medicine. In this paper, a waterborne coating is synthesized from epoxy resin, polypropylene glycol diglycidyl ether, acrylic acid, trimellitic anhydride, maleic anhydride, and organic amine by three steps: ring opening reaction, esterification reaction, and neutralization reaction. Using viscosity, particle size, thermal stability, adhesion, and friction resistance as performance evaluation factors, the effects of the ratios of epoxy resin and polypropylene glycol diglycidyl ether in the polymerization system on the performance of synthetic waterborne coatings were discussed. Taking water solubility, water absorption, and water resistance as performance evaluation factors, the effects of the amount of ratio of anhydride groups to hydroxyl groups in the epoxy acrylic resin, which were produced in the second step of the reaction, were considered on the performance of synthetic waterborne coatings. The experimental results showed that when the molar ratio of the epoxy group in the epoxy resin and polypropylene glycol diglycidyl ether was about 1:1, and the molar ratio of anhydride in maleic anhydride to hydroxyl in the epoxy acrylic resin generated in the second step of reaction was about 0.9:1, the performance of the prepared waterborne coatings was comprehensively better. At the same time, the applicability of self-made waterborne coatings was tested. The results showed that when the coating amount was about 3.60 g/m2, the properties of the packaging base paper were greatly improved with respect to air resistance, oxygen resistance, oil resistance, and color reproducibility.