In this study, the dynamics and stability of a flexible rotor containing liquid in a constant thermal environment are investigated. According to thermoelastic theory, the thermal axial force exerted on the rotor is calculated by using the analytical method. A spinning Rayleigh beam is used as a simplified model of the rotor. Applying the Hamilton principle, the governing equation of motion for the flexible liquid-filled rotor system is derived. Using the obtained model, the stability prediction model and the critical spinning speed for the rotor system are formulated. To demonstrate the validity of the developed model, the present analysis is compared with the results reported in the previous study, and good agreement is observed from the comparison results. Finally, numerical results based on the obtained model are performed for a better understanding of the parameters including filling parameters, mode number, rotatory inertia and thermal effect on the stability, and critical spinning speed of the rotor system.