The evapotranspiration (ET) of urban hedges has been assumed to be an important component of the urban water budget and energy balance for years. However, because it is difficult to quantify the ET rate of urban hedges through conventional evapotranspiration methods, the ET rate, characteristics, and the cooling effects of urban hedges remain unclear. This study aims to measure the ET rate and quantify the cooling effects of urban hedges using the ‘three-temperature model + infrared remote sensing (3T + IR)’, a fetch-free and high-spatiotemporal-resolution method. An herb hedge and a shrub hedge were used as field experimental sites in Shenzhen, a subtropical megacity. After verification, the ‘3T + IR’ technique was proven to be a reasonable method for measuring the ET of urban hedges. The results are as follows. (1) The ET rate of urban hedges was very high. The daily average rates of the herb and shrub hedges were 0.38 mm·h−1 and 0.33 mm·h−1, respectively, on the hot summer day. (2) Urban hedges had a strong ability to reduce the air temperature. The two hedges could consume 68.44% and 60.81% of the net radiation through latent heat of ET on the summer day, while their cooling rates on air temperature were 1.29 °C min−1 m−2 and 1.13 °C min−1 m−2, respectively. (3) Hedges could also significantly cool the urban underlying surface. On the summer day, the surface temperatures of the two hedges were 19 °C lower than that of the asphalt pavement. (4) Urban hedges had markedly higher ET rates (0.19 mm·h−1 in the summer day) and cooling abilities (0.66 °C min−1 m−2 for air and 9.14 °C for underlying surface, respectively) than the lawn used for comparison. To the best of our knowledge, this is the first research to quantitatively measure the ET rate of urban hedges, and our findings provide new insight in understanding the process of ET in urban hedges. This work may also aid in understanding the ET of urban vegetation.