A prediction model for the outlet temperature of magnesium alloy strips in the process of heated-roll rolling was established by using linear fitting and nonlinear regression methods. By inputting the rolling parameters into the model, the outlet temperature of the strip can be accurately predicted, which will then optimize and regulate the properties and microstructures of the magnesium alloys in the rolled form. To verify the reliability of the model, heat transfer experiments of the magnesium alloy rolled by heated rolls were carried out. The results show that under the same conditions, the actual outlet temperature measured experimentally matches well with the outlet temperature predicted by the model, and the relative error is kept within 10%. In the modeling process, Deform V11.0 software was used to simulate the thermal–mechanical behavior of the magnesium alloy rolled by the heated roll. In the process of analyzing the simulated heat transfer, it was found that the temperature rise of the surface and the core is divided into three identical stages: the slow rise, the fast rise, and the thermal equilibrium stages. In addition, the mechanical behavior of the rolling deformation zone was also analyzed, and the strip was subjected to direct heat transfer from the heated rolls during the hot rolling process so that the softening played a major role and the stress value gradually decreased from the middle of the deformation zone to the inlet end and the outlet end. This is so that it can be known that the process of being rolled by the heated rolls not only improves the rolling efficiency, but also ensures the deformation temperature and obtains fine grains.