Using Cunninghamia lanceolata as a substrate, the thermochromic ink was added to the waterborne finish to test the optical properties and mechanical properties of the finish film. The results showed that the discoloration performance of the finish film with 15.0% and 30.0% of the thermochromic ink was better. The gloss of the finish film changes irregularly when the concentration increases. The finish film with a thermochromic ink concentration of 10.0% has the highest gloss, and with a concentration of 30.0% has the lowest gloss. When the thermochromic ink concentration exceeds 15.0%, the impact resistance of the finish film is slightly enhanced. The concentration is not related to the liquid resistance of the finish film. When the thermochromic ink concentration was 0–15.0%, the particle distribution uniform reunion was not much. The discoloration mechanism of discolored finish film can be considered to be as follows. After adding thermochromic ink, when the finish film temperature rises, it fades from red to colorless. When the temperature is lowered, the thermochromic ink changes to its original colour again, and the thermochromic effect is stable and sustainable. On the basis of the above results, when the thermochromic ink concentration is 15.0%, the general performance of the waterborne finish film on the Cunninghamia lanceolata surface is the best. This study provides new prospects in using thermochromic ink for waterborne finish film.