Abstract: The rapid advancement of modern reconnaissance and guidance technologies has rendered traditional static infrared camouflage inadequate for the highly dynamic battlefield. Based on the principles of thermal infrared detection, this paper provides a systematic review of the research progress in dynamic thermal infrared camouflage materials from the perspective of composite materials. The paper focuses on three types of composite materials: temperature modulation composites, which use microfluidic networks, thermoelectric elements, and flexible matrices to achieve dynamic surface temperature matching; emissivity modulation composites, which leverage the synergistic effects of multiphase structures, including graphene, photonic crystals, and metasurfaces, to enable adjustable infrared radiation; and phase-change composites, which employ the combination of VO₂, GST, perovskites with porous carriers, microcapsules, or thermal fillers for dual temperature buffering and emissivity control. The comparison of these materials highlights their advantages and disadvantages in terms of response speed, Δε (3–5/8–14 μm), energy consumption, cyclic stability, and multispectral compatibility. Furthermore, the paper proposes optimization strategies such as interface engineering, ion fixation, functional phase improvement, and pore design. This review aims to provide a reference from the perspective of composite materials for the in-depth research and engineering applications of dynamic thermal infrared camouflage materials.