Abstract: The present invention provides a heat dissipating coating composition in a liquid or paste form for application to a heat generating article, comprising an infrared absorbing binder resin (A), infrared absorbing inorganic particles (B), and an organic solvent, having such proportions of the component (A) and the component (B) that the component (A) is 10 to 70 vol % and the component (B) is 90 to 30 vol % based on the total of both components being 100 vol %, and satisfying conditions 1, 2, and 3 specified herein, and also provides a heat dissipating coating film obtained by applying the heat dissipating coating composition to a heat dissipating article and then thermally curing the composition.