ZnO was modified with sodium stearate by surface wet modification. Then, the nano-ZnO dispersion slurry was prepared by mechanical grinding, using cyclopentadecane silicone oil as solvents and PEG-10 polydimethylsiloxane as dispersants. The powder were characterized by water contact angle, TG, TEM and FTIR test, respectively. The result showed that the powder has hydrophobicity after sodium stearate modified. The coating thickness was about 2 nm and the maximum water contact angle was 145.4° when the amount of sodium stearate was 6%. In the sunscreen performance test of simulated sunscreen emulsion, the UV shielding performance of nano-ZnO dispersion powder was significantly better than that of powder. The rheological study showed that the dispersion slurry was a pseudoplastic fluid, which conformed to the Ostwald-de Wale power law equation, and had shear thinning characteristics. The viscosity of the dispersed slurry was low, the thixotropy was small, and the storage stability was high; when the temperature was increased, the viscosity of the slurry was reduced and the sensitivity to temperature in formula production was lower.