The Flight Model (FM) of a high-resolution electro-optical camera (EOS-C Ver.3.0), the mission payload of an Earth observation satellite, was successfully developed by Satrec Initiative. We designed it to give improved thermal representatives compared with the Structural-Thermal Model (STM) by optimizing the thermal characteristics based on the STM thermal vacuum test results. We developed the FM and verified the workmanship by performing the acceptance level thermal vacuum test. We also conducted the verification of its Thermal Mathematical Model (TMM) by the thermal balance test. As the result, it was confirmed that TMM faithfully represents the thermal characteristics of the EOS-C Ver.3.0 FM.