In order to develop far-infrared functional bandage products with excellent performance, tourmaline powder was selected as the far-infrared radiation material and the far-infrared functional finishing of polyester fabric was carried out by the dip-rolling process. Taking the radiation temperature rise value as the index to explore the optimal process conditions for the far-infrared performance, then the microstructure, mechanical properties, comfort performance, and far-infrared radiation performance of the far-infrared bandage were further investigated, respectively. Based on the results, the optimum process conditions for heating bandage have been proposed (tourmaline powder mass fraction, 5%; polyacrylate mass fraction, 25%; impregnation temperature, 40°; impregnation time, 15 min, baking temperature, 140° and baking time, 1 min). After being treated, the mechanical properties of the bandage enhanced, the air permeability decreased, and the moisture permeability increased significantly, indicating its comfort and is suitable for practical application. It was measured that the far-infrared ray emission value of the far-infrared functional bandage was 0.89, which was greater than the 0.80 required by CAS 115-2005 “Health Functional Textiles” standard, proving that the attachment of tourmaline made the far-infrared radiation performance of the bandage significantly improved. These attractive features of the far-infrared functional bandages promise them great potential in far-infrared health care applications.