Dynamic infrared emissivity (DIE) regulators, which can efficiently modulate infrared radiation beyond vision, have emerged as an attractive technology in energy and information fields. However, current DIE regulators are usually visibly opaque, which limits their applications involving broad-spectrum requirements or multispectral compatibility. Therefore, it is necessary to propose new DIE mechanism and develop the desirable fully transparent DIE regulators for dynamically regulating infrared emissivity and solar spectral properties independently, although highly challenging. Here, we demonstrate DIE regulators based on a novel DIE mechanism with high visible transparency (84.7%), large emissivity regulation (0.51 in 3–5 µm, 0.42 in 7.5–13 µm), fast response (< 600 ms), and long cycle life (> 104 cycles). This excellent performance is achieved by the reversible injection/extraction of electrons into/from aluminum-doped zinc oxide (AZO) nanocrystals to modulate infrared plasmonic in a capacitive-type device, and the DIE regulation is attributed to variation of carrier concentration in the depletion layer near the surface of AZO nanocrystals. This novel DIE regulation method and fully transparent DIE regulators provide great opportunities for the on-demand smart thermal management of buildings and spacecrafts, multispectral display and adaptive camouflage, and may in other infrared radiation related technologies.