We improved the thermal equivalent-circuit model of the laser diode module (LDM) to evaluate its thermal dynamic properties and calculate the junction temperature of the laser diode with a high accuracy. The thermal parameters and the transient junction temperature of the LDM are modeled and obtained according to the temperature of the thermistor integrated in the module. Our improved thermal model is verified indirectly by monitoring the emission wavelength of the laser diode against gas absorption lines, and several thermal parameters are obtained with the temperature uncertainty of 0.01 K in the thermal dynamic process.