The cooling system is an important subsystem of an internal combustion engine, which plays a vital role in the engine’s dynamical characteristic, the fuel economy, and emission output performance at each speed and load. This paper proposes an economical and precise model for an electric cooling system, including the modeling of engine heat rejection, water jacket temperature, and other parts of the cooling system. This model ensures that the engine operates precisely at the designated temperature and the total power consumption of the cooling system takes the minimum value at some power proportion of fan and pump. Speed maps for the cooling fan and pump at different speeds and loads of engine are predicted, which can be stored in the electronic control unit (ECU). This model was validated on a single-cylinder diesel engine, called the DK32. Furthermore, it was used to tune the temperature of the water jacket precisely. The results show that in the common use case, the electric cooling system can save the power of 255 W in contrast with the mechanical cooling system, which is about 1.9% of the engine’s power output. In addition, the validation results of the DK32 engine meet the non-road mobile machinery China-IV emission standards.