Most 100 percent acrylic house paints hold up very well on cleaned cinder block. Although some paint companies claim their product is "self-priming" on exterior masonry, meaning that no primer is necessary as long as you apply two coats of paint, the Paint Quality Institute recommends a water-based primer for concrete or cinder block. Depending on the appearance you want, use flat, satin or semi-gloss paint. The higher the gloss, the more it will accentuate surface irregularities.
A less expensive option is latex masonry paint, which is typically only available in a flat finish but comes in all colors. Latex masonry paint is a little thinner than acrylic house paint, making it easy to apply to very rough surfaces since it penetrates the nooks and crannies well. Apply the paint with a roller and brush or a paint sprayer.
Elastomeric paint is thick and dries to a very tough, long-lasting film that bridges cracks and pores in cinder block. If you want a durable paint job and exterior cinder block walls that are impervious to moisture, prime the block and apply two coats of elastomeric paint. This paint will cost you a little more than acrylic or latex paint but will last much longer. Apply elastomeric paint with a brush, roller or sprayer; since it's quite thick in consistency, you'll need a professional-grade sprayer.