In the present study, a multiphysics mathematical model for reproducing the flow field characteristics of an inflatable aeroshell was developed to study the aerodynamic properties of the flow around a membrane reentry vehicle. Firstly, the configuration and flight sequence of a membrane reentry vehicle used in the experiment were introduced. Secondly, mathematical equations of multiphysics fields, such as the Navier–Stokes equations, the heat conduction equation, and the membrane deformation equation, were introduced and numerically solved. The variation characteristics of the flow properties during the aerodynamic heating of a membrane vehicle were studied and discussed in detail under the conditions of different flight altitudes. The results showed that for the membrane vehicle, the high-temperature flow field at the front of its capsule was in a state of thermal non-equilibrium with the decrease of flight altitude and its membrane deformation degree was proportional to the pressure. The translational temperature and electron number density of the plasma flow around the aeroshell remained at a relatively low level for the membrane vehicle so that the blackout phenomenon scarcely occurred during its atmospheric reentry.