Strength assessment for thermal barrier coatings (TBCs) is vital in the safety design of hot-section components in engines. However, several crucial factors, including thermally grown oxide (TGO) growth and creep–plasticity interaction, have been less considered in thermo-mechanical analyses for TBCs near air holes. In this study, a unified viscoplastic constitutive model incorporating TGO growth is developed and integrated into a finite element framework. The model considers multiple factors, including TGO growth, creep–plasticity interaction, interface undulation, and temperature gradient. Additionally, an analytical solution for the non-uniform temperature field of a TBC is derived. The model is then applied to calculate interfacial stresses and accumulated strain energies in the TBC near an air hole, which promote interface debonding. The obtained results can be utilized to investigate the mechanisms of hole edge delamination in TBCs, considering the combined effects of multiple complex factors. A competition for the potential failure initiation location is revealed between the first oxide layer and the evolving TGO/bond coat interface. The developed viscoplasticity model demonstrates effective capability in modelling a range of dynamic behaviors that collectively contribute to hole edge delamination failure.