The coating is one key technology of lost foam casting (LFC). This paper discussed the influences of refractory aggregate contents on strength, viscosity and other performances of LFC coating, and develops a high performance coating which can meet the requirement of LFC for steel casting. The results shown that with the content of the high bauxite increasing and the content of zircon powders decreasing, the strength, permeability and attached quantity of the coating increased. The best ratio of refractory aggregate is 70% high bauxite and 30% zircon powders. The optimal formula in the experiments is 70% high bauxite, 30% zircon powders, 3% sodium bentonite, 0.5% CMC and 5% ludox. This coating has good comprehensive performances to meet the requirements of LFC steel casting.