Managed pressure cementing (MPC) is a new technology based on managed pressure drilling, which has a greater advantage in facing narrow density window formations. However, the existing pressure prediction models during MPC injection stage consider fewer factors and have lower accuracy. To this end, combined with the characteristics of the injection stage, a predictive model of the distribution of annular fluid type was first proposed. Then, based on the experimental results, fluid density and rheology as a function of temperature and pressure were fitted. The governing equation of temperature‐pressure field was established. Eventually the fluid performance parameters–temperature–pressure coupling prediction model was developed in this paper. By comparing the predicted pump pressure with the measured pump pressure, the maximum relative error is not more than 10%. Using this model, the fluid type distribution, temperature field distribution, and pressure field distribution were investigated. The results indicated that the distribution of fluid types in the wellbore presented a complex variation, with up to 10 fluids in the casing and up to five fluids in the annulus. The trend of temperature field is complex, with three turning points. The larger the formation temperature gradient, the higher the fluid temperature in the annulus. The influence law of fluid heat conduction coefficient is reversed at 6750 m. Decreasing drilling fluid density will trigger gas channeling, while increasing drilling fluid density will increase the risk of fracturing formation, and safe operation can be realized by MPC. The variation of the static pressure in the casing is more complicated than in the annulus and the annular circulation pressure in the eccentric casing is smaller than that of the concentric casing, which is due to the smaller annular friction pressure. This study can provide a theoretical basis for the prediction of hydrodynamic parameters during the MPC injection stage.