The cooling rule of the crude oil in the storage tank is studied by using the new wavelet finite element method, the traditional finite element method, and a test. First, a computational model is presented. Then the cooling rule of the crude oil is provided experimentally and numerically under the liquid levels of 6.5 and 11.5 m, respectively, and the results show that the wavelet finite element method has higher reliability. Then, the longitudinal distribution rule of the temperature of the crude oil in the storage tank under different liquid levels is obtained. Last, the cooling mechanism of the crude oil is provided.