Due to their ability to prevent or slow the spread of fires, fire-retardant coatings are utilized as the main means of fire protection for steel structures, combining easy application and high economic efficiency. This study investigates the effects of the particle size and dosage of expanded vermiculite (EV) on the fire resistance and application performance of coatings. Ammonium polyphosphate, melamine, and pentaerythritol were used as intumescent fire-retardant systems, along with waterborne hydroxyl-modified acrylic resins as the film-forming substances. The properties of fire resistance coatings were tested via scanning electron microscope (SEM), X-ray diffractometry (XRD), thermogravimetric analysis (TGA), limiting oxygen index (LOI), and cone calorimetry. The excellent fire performance of the coatings with 3 wt.% 300-mesh EV was proven, exhibiting a relative expansion of 30.43 times. Moreover, the surface structure of the charcoal layer was dense. The total smoke production (TSP) and smoke concentration (TSR) were only 0.18 m2 and 0.25 m2/m2.