Premium quality latex barn and fence paint is the best type of paint to use on a fence, whether the wood is new or weathered, reports Tractor Supply Co. If the fence wood is weathered, mildew-resistant oil paint is also effective.
Prepare the fence wood by scraping or sanding the wood's surface, then apply a coat of oil-based exterior primer, and let it dry completely. If the wood is weathered or has a very deep grain, apply a second coat of primer. Allow the primer to dry completely, then apply a layer of fence paint, and allow it to dry completely. Apply a second coat of paint if needed to get thorough coverage, and let it dry.