Drag torque can cut down the efficiency of the vehicle transmission system. So it should be reduced on the premise of normal vehicle lubrication and heat dissipation. The purpose of this paper is to analyze the variation rule of drag torque in single-plate wet clutch from the perspective of flow rate, density, and viscosity. In the theoretical model of drag torque, the flow field is divided into oil film area and cavitation zone. Based on the mass flow conservation and viscosity–pressure equation, the equivalent density and viscosity of each node in each region are obtained. Then the total drag torque is calculated through the sum of each node’s torque. Finally, the curves of drag torque with rotational speed under different working conditions are obtained by numerical calculation, and they have been tested and verified. Through this research, the following conclusions can be reached: the rotational speed of the peak of drag torque is near the maximum speed where full oil film lubrication is realized. While temperature declines, it will lead to higher viscosity, then the speed of the lubricant along the radial direction will decrease, resulting in the increase in maximum speed of full oil film lubrication under the same oil supply; accordingly, the peak of drag torque will rise. If the flow rate of oil supply is increased, the maximum speed where full oil film lubrication is realized will be higher; consequently, the maximum drag torque will be improved. When clearance becomes wider, the cross-sectional area of the radial flow will be larger, then the maximum speed of full oil film lubrication under the same oil supply will be decreased, thus the peak of drag torque will decline.