In the paper, the thermal analysis of the axial-flux brushless DC motor with air and water cooling simulations is performed to obtain the temperature distribution of the stator, rotor, and housing during operation. The simulation results are to serve as a reference for heat dissipation design of the electric motor. In order to accurately calculate the thermal loss of the AFPM motors, the finite element method is adopted here. Electromagnetic-thermal and fluid-thermal coupling analysis is performed using the ANSYS software. The copper loss and core loss were obtained from the simulation results of the AFPM motor by inputting the three phase current in the electromagnetic simulation. Then the surface convection coefficient were obtained from simulation results of the fluid field, and the copper and core losses were simultaneously inputted into the steady state thermal module for calculation. The temperature (less than 72°C) of the stator in the electric motor with fins comparing with that in the electric motor without fins is greatly lowered. From the simulation results, the air and water coolings keep the motor temperature rise within the required value.