In order to study the dynamic position accuracy of bottom dead point (BDP) for multilink high-speed precision presses (MHSPPs), it’s essential to develop a dynamic model of planar multilink mechanism with clearance and spindle-bearing structure. Traditional models always neglect the effect of thermal characteristics of spindle-bearing structure, which reduces the prediction accuracy of dynamic model for multilink transmission mechanisms. To overcome the shortcomings of the previous models, a thermal network model (TNM) of the crankshaft-bearing system is established firstly considering the effects of thermal contact resistance and variable stiffness of bearing concerning the temperature rise. Then, dynamic model of the crankshaft-bearing system is built through the finite element method, which includes rigid disk, Timoshenko beam and quasi-statics model of ACBB. On this basis, an improved dynamic model of planar flexible multilink mechanism with clearance considering the thermal-mechanical coupling effect of the crankshaft-bearing structure is developed and the corresponding dynamic error dimension chain between slider and crankshaft is constructed in this work. Compared to the simulation from traditional models, the simulated slider’s BPD position error from the improved model agrees better with experimental data, which verifies the correctness of the proposed model. It’s demonstrated that the punching force and thermally induced variable stiffness of bearing lead to a significant increase of slider’s BDP position error, which reduces the machining precision of MHSPP. Furthermore, the influence of crankshaft speed, contact angle of bearing and clearance size on the slider’s BDP position error is also investigated.