Acrylic acid has good environmental weather resistance, water resistance, alcohol resistance, dirt resistance, and other properties. An acrylic acid dispersion with a core–shell structure was prepared and reacted with a polyisocyanate-type curing agent to prepare a waterborne polyurethane topcoat suitable for wood. The prepared two-component polyurethane topcoat was used in combination with a waterborne primer and a waterborne sealing primer and applied to Pine (Pinus strobus) boards to carry out gloss, wear resistance, and adhesion experiments. The effects of different coating amounts and spraying times on the comprehensive properties of the wood coatings were studied. The experimental results showed that when the self-made two-component polyurethane topcoat for wood was matched with the primer and the sealing primer, the coating amount of the sealing primer had little effect on improving the adhesion and wear resistance but had a significant effect on the gloss. The spraying times of the primer and the topcoat greatly impacted the adhesion, but they had no decisive impact on the improvement of the gloss. When the coating amount was 60 g/m2 for the waterborne sealing primer, 100 g/m2 for waterborne primer, and 120 g/m2 for the self-made topcoat and the coating was sprayed twice, the comprehensive performance of the obtained film on the wood was the best. This research on the preparation and coating process optimization of the two-component waterborne polyurethane coatings for wood can provide a technical basis for the application of two-component waterborne polyurethane topcoats for wood.