Spray cooling is an effective heat dissipation technology and is widely used in the heat dissipation of encapsulated structures, but most of the research has only focused on the heat transfer performance itself and has lacked the analysis of surface stress and deformation. In this paper, a thermal stress coupling model was established under spray conditions, and the influence of spray parameters such as the spray height, spray flow, and nozzle inclination on heat transfer, surface stress, and deformation were studied. The result indicated that the lower the surface temperature, the smaller the stress and deformation. What is more, there was an optimal spray height (15 mm) to achieve the best heat transfer, and the surface stress and deformation were also minimal at the same time which the values were 28.97 MPa and 4.24 × 10−3 mm, respectively. The larger the spray flow rate, the better the heat transfer effect and the smaller the surface stress and deformation. When the spray flow rate was 24.480 L/h, the minimum values of surface stress and deformation were 25.42 MPa and 3.89 × 10−3 mm, respectively. The uniformity of surface stress distribution could be effectively improved with the increase in flow rate. Compared to 10 and 15 degree nozzle inclination, when the nozzle was perpendicular to the cooling surface, the surface stress and deformation were minimal.