Today, there is a high demand and increasing trend for multifunctional composite materials and components due to the combination of a wide range of favorable properties. However, undesired deformation leading to delamination, curvature, cracks, or even complete fracture frequently occurs during the co‐sintering process of metal–ceramic laminates (MCLs). To solve these issues, experimental work highly relies on the time‐consuming trial‐and‐error principle. This work aims to develop a thermo‐mechanical‐metallurgical model capable of predicting the densification, deformation, and delamination of MCLs during the co‐sintering process. It is found that the developed model successfully considers the inhomogeneous relative density distribution and phase transformation of the steel tape. In addition, a thin interlayer formed by a mixed slurry in the MCLs is modeled as cohesive elements to simulate the delamination process. The developed model is systematically validated by the experimental measurements and observations in terms of densification, deformation, and delamination during the co‐sintering process of the investigated laminate variants.