The operating temperature and the ampacity are important parameters to reflect the operating state of cross-linked polyethylene (XLPE) submarine high voltage (HV) cables, and it is of great significance to study the electrothermal coupling law of submarine cable under the seawater flow field. In this study, according to the actual laying conditions of the submarine cable, a multi-physical coupling model of submarine cable is established based on the electromagnetic field, heat transfer field, and fluid field by using the COMSOL finite element simulation software. This model can help to analyze how the temperature and ampacity of the submarine cable are affected by different laying methods, seawater velocity, seawater temperature, laying depth, and soil thermal conductivity. The experimental results show that the pipe laying method can lead to the highest cable conductor temperature, even exceeding the maximum heat-resistant operating temperature of the insulation, and the corresponding ampacity is minimum, so heat dissipation is required. Besides, the conductor temperature and the submarine cable ampacity have a linear relationship with the seawater temperature, and small seawater velocity can significantly improve the submarine cable ampacity. Temperature correction coefficients and ampacity correction coefficients for steady-state seawater are proposed. Furthermore, the laying depth and soil thermal conductivity have great impact on the temperature field and the ampacity of submarine cable, so measures (e.g., artificial backfilling) in areas with low thermal conductivity are needed to improve the submarine cable ampacity.