Hydroplaning is a driving phenomenon threating vehicle’s control stability and safety. It happens when tire rolls on wet pavement with high speed that hydrodynamic force uplifts the tire. Accurate numerical simulation to reveal the mechanism of hydroplaning and evaluate the function of relevant factors in this process is significant. In order to describe the friction behaviors of tire-pavement interaction, kinetic friction coefficient curve of tire rubber and asphalt pavement was obtained by combining pavement surface power spectrum and complex modulus of tread rubber through Persson’s friction theory. Finite element model of tire-fluid-pavement was established in ABAQUS, which was composed of a 225-40-R18 radial tire and three types of asphalt pavement covered with water film. Mechanical responses and physical behaviors of tire-pavement interaction were observed and compared with NASA equation to validate the applicability and accuracy of this model. Then contact force at tire-pavement interface and critical hydroplaning speed influenced by tire inflation pressure, water film thickness, and pavement types were investigated. The results show higher tire inflation pressure, thinner water film, and more abundant macrotexture enhancing hydroplaning speed. The results could be applied to predict hydroplaning speed on different asphalt pavement and improve pavement skid resistance design.