To perform the finish grinding process of ferrules which are widely used as fiber optic connectors, a high-precision centerless grinding machine is necessary. The high-precision centerless grinding machine is consisted of the hydrostatic GW and RW spindle systems, hydrostatic RW feeding mechanism, RW swivel mechanism, on-machine GW and RW dressers, and concrete-filled steel bed. In this study, the thermal characteristics of the high-precision centerless grinding machine such as the temperature distribution, temperature rise and thermal deformation, are estimated based on the virtual prototype of the grinding machine and the heat generation rates of heat sources related to the machine operation conditions. The reliability of the predicted results is demonstrated by the temperature characteristics measured from the physical prototype. Especially, the predicted and measured results show the fact that the high-precision centerless grinding machine has very stable thermal characteristics.