Immersion refrigeration has become the key to the stable operation of high-performance ICT equipment, and fluorinated coolant is regarded as one of the most promising media due to its excellent insulation properties, good fluidity, and strong material compatibility. Since the existing coolant belongs to PFAS, a "permanent chemical" of great concern in the world, opportunities and challenges coexist in the field of coolant manufacturing. This paper reviews the development process of fluorinated coolant and the preparation method of existing coolant, pointing out the existing performance defects such as dielectric constant, thermal conductivity, and latent heat of evaporation. Based on the experience of coolant development, the preliminary idea of a new molecular structure is expounded, and the development idea of material genetic engineering is proposed, in order to provide a useful reference for the source innovation of fluorinated immersion coolant.