The integrated design of the motor and axial piston pump eliminates the coupling structure, resulting in a compact and lightweight motor-pump structure. The challenge of motors overheating has always been a major concern. To address this issue, the hydraulic oil throughout the motor pump is utilized for cooling the high-speed motor, effectively improving the power density and heat dissipation capability of the hydraulic power unit. This integrated design approach has successfully resolved the significant issue of overheating motors, leading to enhanced performance of the hydraulic power unit. To address this concern, the entire motor pump’s oil is utilized to cool the high-speed motor. Consequently, the thermodynamic prediction of high-speed motor pumps has become increasingly important. In this study, the impact of motor heat generation on hydrodynamics is analyzed, and the heat transfer of the motor pump is investigated using the control volume method. Furthermore, thermodynamic models of hysteresis loss, eddy current loss, alternating current loss, churning loss, and throttling loss are established for the oil-immersed motor pump. The change in oil viscosity is also considered. The instantaneous temperature change rule of the oil within the oil-immersed motor pump is derived. Additionally, the influence of various working conditions such as pressure and speed on the temperature of the motor pump’s key node is examined. The experimental results indicate the accuracy of the thermodynamic calculation, and the significant effect of motor loss on the leakage temperature.