Compaction of hot mix asphalt (HMA) is a process of altering the internal structure of the material and, as a consequence, also its performance characteristics. The process should ensure the adequate viscosity of binder, a property depending on the temperature and the material-specific property (hardness) of the binder (in the case of HMA). One of the external factors that can affect the process of compaction is the presence of water quickly decreasing the HMA temperature. This paper presents a theoretical model for determining the HMA temperature variation under the effect of water. One of the model parameters is the heat transfer coefficient α for the outward flow of heat. Its value varies strongly in the interfacial zones of the HMA layer (i.e., near the top and bottom surfaces) due to the effect of external factors. The paper presents the attempt to estimate the average value for the whole paving process depending on the precipitation rate (amount of water involved in the process). The temperatures obtained from the model were verified experimentally on laboratory specimens cooled with water. The temperature was measured on the surface and across the specimen section. The drop of temperature of HMA was almost instantaneous on the surface—due to the thermal processes involving water (boiling and evaporation)—and much slower across the layer thickness.