The progressive replacement of organic solvent-based coatings by waterborne latex polymer coatings has substantially renovated the coating industry, and generated huge environmental and health benefits. Today, on top of the continuing demand for higher performance and lower costs, the coating industry faces tighter regulation and higher sustainability standards. In addition, the new waterborne coatings have created unique opportunities and challenges in terms of fundamental understanding and research development. To address these challenges, polymer latex binders with diverse particle morphologies have been developed to improve coating performance. Furthermore, colloidal self-assembly has been utilized to help manufacturers make better paint with less cost. In this report, we review the recent progress in both fundamental study and industrial application in the context of developing new generation architectural coating materials. We introduce the basic concepts in coating materials and showcase several key technologies that have been implemented to improve coating performance. These technologies also represent the most important considerations in architectural coating design.