Based on the HVO-AF (High Velocity Oxygen-Air Fuel) thermal spray system, the Low Temperature High Velocity Air Fuel Spray was realized by additional liquid feed stocks. In this paper, the microstructure and characteristics of composite coatings sprayed by this spray technology were analyzed. Composite powders were composed at three mass fractions, Fe, 5mass%Fe -polymer, 15mass%Fe-polymer. In the experiments, the coatings properties were tested. The results indicated that all the coatings microstructure is dense and low porosity; metal particles were dispersed with polymer in the coatings. There were little oxide phase in the coatings. The coatings were closely combined with substrate, the reflectance coefficient of 5mass%Fe-polymer composite coatings is better than others, the reflectance coefficient curve of the coatings is 2~6dB at 2~18GHz.