Aircraft propellers produce relatively large in-plane loads, called propeller 1P loads, during maneuvers such as turning, diving, and lifting, and these loads can negatively affect the flight and control of the aircraft. In order to study the change rule of 1P aerodynamic loads, in this paper, a mathematical model of the propeller 1P aerodynamic loads has been developed based on the blade element momentum theory. This mathematical model was then corrected using the Pitt–Peters incoming flow correction method, the Prandtl tip correction method, and the propeller root flow correction method. Based on this mathematical model, a calculation procedure for the propeller 1P aerodynamic loads was developed using MATLAB software, and the accuracy of the procedure was verified by comparing the results with CFD simulation results. Numerical simulations show that the results calculated based on the proposed mathematical model for the coefficients of thrust, power, bending moment, and the tangential force of the propeller have an error of less than ±6.00% compared to the CFD simulation results. For a small inflow angle, the coefficients of bending moment and tangential force of the whole propeller fluctuate in a small range. But, as the inflow angle increases, the fluctuation range of the aerodynamic characteristic parameters of the propeller increases and the fluctuation becomes more complicated. Through numerical calculations, it has been shown that the mathematical model presented herein is reliable and accurate. In addition, it greatly shortens the calculation time and improves the calculation efficiency. It is expected that the proposed model can provide a certain help for the strength design of the propeller structure and the study of the aerodynamic performance of the whole aircraft.