To further increase the torque/power density of a permanent magnet synchronous machine (PMSM) employed for a port traction electric vehicle, improving the thermal dissipation capacity of the cooling system used in the PMSM has become more and more important. This paper focuses on the thermal analysis of a water-cooling 200 kW PMSM for a port traction electric vehicle. First, the size parameters of the machine and the thermal property parameters of the materials used for each component are given. Based on the heat transfer theory, a fast evaluation method for a transient temperature rise in the water-cooling machine under multiple operating conditions is proposed. A lumped parameter thermal network (LPTN) model is established, and the temperature distributions of the machine at different operating conditions are analyzed. Second, under the same conditions, based on computational fluid dynamics (CFD), a three-dimensional (3D) CFD model is constructed. The influence of different cooling structures on temperature distribution is studied. The validity of the proposed fast evaluation method for a transient temperature rise in water-cooling machines under multiple operating conditions is verified. Finally, the results of the CFD and LPTN calculation are verified by experiments; the maximum temperature deviation of the rated speed/rated power operating condition is 8.5%. This paper provides a reference for the design and analysis of port traction electric vehicle machines.