With the continuous increase in the capacity of the pumped storage generator motor, the overheating of the rotor area is becoming increasingly severe, which has a significant effect on the safe and reliable operation of the machine. The heat dissipation of the machine rotor by fully air-cooled is one of the key technologies to develop the new generation of pumped storage generator motors. In this paper, the electromagnetic field and fluid–thermal coupled field of a pumped storage generator motor are analyzed. The 2D transient time-step finite element model of the electromagnetic field of a pumped storage generator motor is established, and the eddy current loss of damping bars of the rotor is calculated by the finite element method. The additional loss of the rotor pole surface is calculated by analytical method. The mathematical and geometric models of the 3D fluid–thermal coupled field of the pumped storage generator motor are established and calculated. The complex fluid velocity distribution and the temperature distribution at different positions of the rotor under fully air-cooled fanless cooling conditions are investigated in detail. The calculated temperature of field winding is compared with the measured value, and the result shows that the calculated result coincident well with the test data. This research provides the technical reference for the development and temperature rise calculation for large pumped storage generator motors.