During the braking process, a large amount of heat energy is generated at the friction surfaces between the brake disc and pads and rapidly dissipates into the disc volume. In this paper, a three-dimensional thermo-mechanical coupling model of high-speed wheel-mounted brake discs containing bolted joints and contact relationships is established. The direct coupling method is used to analyze the temperature and stress of the brake discs during an emergency braking event with an initial speed of 300 km/h. A full-scale bench test is also conducted to monitor the temperatures of the friction ring and bolted joints. The simulation result shows that the surface temperature of the friction ring reaches its peak value of 414 °C after 102 s of braking, which agrees well with the bench test result. The maximum alternating thermal stress occurs in the bolt hole where the maximum circumferential compressive stress is − 658 MPa and the maximum circumferential tensile stress is 134 MPa. During the braking process, the out-of-plane deformation of the middle part of the friction ring is larger than that of the edge, which increases the axial tensile load of the connecting bolt. This work provides support for the design of brake discs and connecting bolts.