In light of the rapid economic growth and accelerated urbanization in China, the quality standards for construction engineering have been continuously raised. The durability of architectural waterproof coatings is essential for the longevity and safety of buildings. Their performance is critical not only for engineering quality and user experience but also profoundly impacts for the high-quality development of China’s construction industry. Integrated decorative waterproof coatings effectively address issues inherent in traditional multi-layer waterproof systems, such as complex construction procedures and the risk of interlayer detachment. This article systematically reviews recent advances and development trends for integrated decorative waterproof coatings, analyzes the strengths and limitations of silicone rubber-based coatings, polymer cement-based coatings and stone-like coatings, and highlights current application status and future development trends for these coating systems. In addition, the article summarizes the construction procedures and key technical considerations for integrated decorative waterproof coatings in practical applications, offering a viable pathway for the low-carbon development and green transformation of the building waterproofing sector.