The dual drive sliding feed system can obtain a uniform and stable resolution at extremely low speeds and significantly reduce the system’s nonlinear friction. However, the numerous thermal sources within the system and the multipoint sliding contact during transmission result in a significant temperature rise, leading to considerable thermal deformation and errors. Moreover, the responsive mechanism of the thermal characteristics needs to be clarified. Therefore, firstly, a frictional torque model of the engagement of the screw and nut is established, and the heat generation, heat transfer, and thermal contact resistance (TCR) are solved. Then, based on the solution, a finite element thermal simulation model of the dual drive sliding feed system is established, and experiments are performed for validation. The results show that the error in temperature at the measuring point is less than 2.1 °C, and the axial thermal elongation of the screw is less than 6.2 µm. Finally, the thermal characteristics of the feeding system under various operating conditions are analyzed. The results show that the established thermal simulated model can effectively describe the dynamic thermal characteristics of the dual drive sliding feed system during operation. The effects of the rotational speed and ambient temperature on the dynamic thermal characteristics of the dual drive sliding feed system are investigated separately. The temperature increase in each part of the screw during the operation is characterized.