As the rated capacity of the Direct-Drive Permanent Magnet Wind Generator (DDPMWG) increases, the heat produced from the generator’s inner components also increases and it becomes difficult to transfer the inner heat to the ambient. The ventilation spacer has a significant influence on the heat transfer process of DDPMWG. Thus, this paper focuses on the optimization of the ventilation spacer on the thermal field of DDPMWG. Firstly, the fluid flow and heat transfer coupled numerical calculation model is established. The physical model, composed of two half-slots and one tooth of DDPMWG, is established due to the structural symmetries to save the calculations. The sources and boundary conditions for the thermal calculations are also given. Five new ventilation spacers, compared with the original one, are proposed to investigate the thermal fields. The pressure drop and temperature field are compared to find the optimized ventilation spacer for the DDPMWG. The criteria are also presented for judging the heat transfer capacity. To validate the optimized ventilation spacer, the temperature rises of the armature winding with original and optimized ventilation spacers are measured. It proves that the armature winding’s temperature rise of the optimized ventilation spacer is about 4.7 K lower than that with the original ventilation spacer.