Artificial spray fog will come into being cool target because of the strong evaporation and convection but weak radiation heat flux, when it is used for defence of infrared imaging guided missile. Also, when it is the contrary condition, the water fog will come into being hot target. In order to open out the phenomenon particularly, a math model which can account for the cool/hot effect produced by water fog shielding the thermal radiation is established by coupling the calculation of radiation transfer equation and energy conversation equation, based on the Mie theory. This model is proved to be accurate in comparison with the Monte-Carlo method and Lambert-Beer' law. The water fog is seemed as absorbing, emitting and anisotropic scattering medium, and the medium radiation, multiple scattering, target radiation flux, and environment influence such as the conductivity, convection turbulent heat diffusion and evaporation is calculated. The phenomenon of cool/hot target effect can be shown in detail with this model.