Ultra-precision piezoelectric inchworm motor (PIM) is widely used as optical equipment, in the microelectronics semiconductor industry, and in precision manufacturing for motion and positioning, but the multi-physics field simulation model for PIM performance estimation and assisting motor design is rarely studied. The simulation model in this paper aimed to provide researchers with direct and convenient PIM performance evaluation to assist the motor design and development. According to the existing advanced inchworm motor products, a multi-physics field coupling model involving solid mechanics and electrostatics using the finite element method (FEM) was established. The motion gesture and performance (driving force and travel) of the PIM were analyzed, respectively. The simulation results showed that the motion gesture of the inchworm motor was well consistent with that of the actual motor product. The driving force from the simulation was close to that of the actual product, and the maximum error was 2.8%. As for the PIM travel, there was a maximum travel error of 0.6 μm between the simulation and official data. The performance parameters of the piezoelectric materials under certain specifications can be simulated by the multi-physics field coupling model. Therefore, the multi-physics field coupling simulation model is suitable for PIM performance evaluation and assisting motor development.