Urban parks are vital for mitigating high urban temperatures, yet optimizing their design for maximum cooling benefits remains a challenge. This study investigates the cooling mechanisms of 65 parks in Tianjin, assessing their characteristics and spatial equity regarding cooling capacity. Results show that 63 parks significantly lower temperatures, with an average Park Cooling Area (PCA) of 45.0 hectares, Park Cooling Efficiency (PCE) of 8.09, Park Cooling Gradient (PCG) of 16.4 °C/km, and Park Cooling Intensity (PCI) of 2.64 °C. Key factors influencing cooling effectiveness include park albedo and nearby water bodies, with optimal albedo values between 3 and 3.6, and water bodies of at least 2.5 hectares enhancing efficiency. Notably, only 38.9% of residents can easily access park cooling services. While neighborhood parks in dense urban areas provide high economic benefits, they serve fewer residents; comprehensive parks cover more people but are less accessible. This study offers new insights into the cooling effects of coastal urban parks, aiding planners in addressing marginalized residents’ needs and enhancing urban resilience amid climate change.