The present invention relates to a composition, preparation and use thereof, and a product coated with the composition. The composition comprises: (a) a polyurethane polymer which is a reaction product comprising the following components: (a1) a polyisocyanate, (a2) a compound having an isocyanate-reactive group, which comprises a polymer polyol selected from one or more of the following: a polyether polyol and a polyolefin polyol, (a3) optionally an emulsifier, (a4) optionally a solvent, and (a5) optionally a reactive diluent; (b) an organic antioxidant in an amount of 0.01 wt % to 2.4 wt %, based on the total weight of solid components of the composition; (c) a chelating agent; and (d) water. The composition according to the present invention has good high-temperature yellowing resistance.