The effect of adding wheat straw powder after lignin removal (WSPALR) and high-temperature calcined WSPALR on the hardness, adhesion, and resistance to impact, color difference, and mold resistance of waterborne coatings was studied. The results showed that the hardness was the highest of 6H when the concentration of WSPALR was 1.0%–2.0%. WSPALR and high-temperature calcined WSPALR had little effect on the adhesion and impact resistance of waterborne coatings, and the resistance to impact was about 10.0 kg cm. When both the concentration of WSPALR and high-temperature calcined WSPALR were 0.5%, the waterborne coating had the best adhesion of Level 1. The addition of high-temperature calcined WSPALR maintained the color difference of the original coatings. A high WSPALR concentration showed better mold resistance than a low concentration WSPALR, and the inhibition effect of high-temperature calcined WSPALR on Trichoderma was better than that of WSPALR. When the concentration of WSPALR calcined at a high temperature was 0.5%, it showed a better hardness of 4H, Level 1 adhesion, 10.0 kg cm resistance to impact, and 1.1 color difference of the waterborne coating. This work has important application value for mold resistance of wood coatings.