This paper presents a Computational Fluid Dynamics (CFD) approach for characterizing thermal performance of subsea equipment. With the CFD approach proposed, local convective coefficients between the subsea equipment and surrounding seawater are numerically determined in a coupled way; both well stream and various trapped fluids are modeled as real fluids with conduction and convection contributions; and temperature-dependent thermal properties of associated materials are also implemented. The CFD thermal approach has been validated against experimental data conducted at Southwest Research Institute with very good agreements, followed by successful applications in deepwater subsea tree, manifold, and flowline connector projects.