Automated fiber placement (AFP) in situ consolidation of continuous CF/high-performance thermoplastic composite is the key technology for efficient and low-cost manufacturing of large thermoplastic composites. However, the void in the in situ composite is difficult to eliminate because of the high pressure and the short consolidation time; the void content percentage consequently is the important defect that determines the performance of the thermoplastic composite parts. In this paper, based on the two-dimensional Newtonian fluid extrusion flow model, the void dynamics model and boundary conditions were established. The changes of the void content percentage were predicted by the cyclic iteration method. It was found that the void content percentage increased gradually along the direction of the layers’ thickness. With the increasing of the laying speed, the void content percentage increased gradually. With the increasing of the pressure of the roller, the void content percentage gradually decreased. When the AFP speed was 11 m/min and the pressure of the compaction roller reached 2000 N, the void content percentage of the layers fell below 2%. It was verified by the AFP test that the measured results of the layers’ thickness were in good agreement with the predicted results of the model, and the test results of the void content percentage were basically equivalent to the predicted results at different AFP speeds, which indicates that the kinetic model established in this paper is representative to predict the void content percentage. According to the metallographic observation, it was also found that the repeated pressure of the roller was helpful to reduce the void content percentage.