In this paper, the CSP (compact strip production) technology was studied with the aid of elastic-plastic and thermal-mechanical coupled FEM using commercial software ABAQUS. The distribution and change of temperature, stress and strain field in rolling process were analyzed. In the view of boundary conditional influence on temperature, some factors such as thermal exchange between the work-roll and the thin slab, plastic deforming quantity of heat, cooling flux, convection and radiation heat exchange were considered during simulation. The results show contact heat conduction and deformation heat are the main factors that influence the temperature change of the thin slab. A good agreement was found between the predicted and the experimental data.