During the hot strip tandem rolling (HSTR) process, the strip is compressed and elongated continuously, causing significant elastic deformation of rolls. At the same time, the strip temperature undergoes rapid increase and decrease, and distributes unevenly along the strip width direction. Elastic deformation of rolls and strip temperature variations have a significant effect on strip deformation, resulting in various strip shape. In this study, a novel three-dimensional (3D) coupled thermal-mechanical elastic-plastic finite element (FE) model for the HSTR is proposed based on the segmentation modeling strategy, where the finish mill is divided into several sub-models. The data transfer technology is developed to integrate the sub-models into a whole model via transferring the strip crown and temperature among the sub-models. Furthermore, the active and deactive element method, rigid pushing technology, and element remesh are also used to improve the calculation efficiency and accuracy of the model. Multi-objective parameters, such as strip temperature, strip crown, elastic deformation of roll stacks, and rolling force during the HSTR process are studied systematically using the developed FE model. The results show that the calculated strip temperature and strip crown after F7 agree well with the measured values, and the relative error between calculated and measured rolling force at each stand is less than 10%. This work offers a fresh perspective on the HSTR simulation.