An integrated model based on finite-element method has been proposed to examine the mechanical and thermal responses of strips and work-rolls in tandem and reverse cold rolling operations. The model has been developed such that the influence of various process parameters, such as lubrication, rolling speed, frictional state and back-up rolls, can be examined. Thermal behaviors of the rolled material and the work-rolls have been analyzed using stream-line upwind Petrov–Galerkin approach, in order to make the model applicable to high-speed rolling processes, as well. The results have been compared to the actual on-line measurements and shown to be of acceptable accuracy. Such modeling approach can be considered as a useful means, providing a detailed insight on the thermo-mechanical response of strips, as well as work-rolls, during high-speed cold rolling of steel strips. Additionally, special attention has been drawn towards the prediction of the occurrence of the metallurgical phenomenon dynamic strain aging based on the results obtained from the numerical modeling in this work.