The excellent temperature characteristics of space Li-ion batteries can effectively improve the on-orbit operation, reduce temperature fluctuation range and improve reliability. In this paper, the hardware-in-the-loop approach is used for simulation and experiment. This method cannot only effectively test the thermal management system of space battery, but also simulate the characteristics of the system in real-time to save high experimental costs. The results show that when the temperature of the inlet working fluid increases, the surface temperature increases significantly, with a maximum temperature difference of 4.9 °C. At the same time, the steady state settling time of the surface temperature also increases. When the flow rate of the inlet working fluid increases, the surface temperature decreases significantly. The maximum temperature difference is 3.9°C, and the steady state settling time of the surface temperature is greatly shortened. As the thermal load increases, the surface temperature of the battery increases obviously. The maximum temperature difference is 3.9°C, and the steady state settling time of the surface temperature is long. When the cycle is the same and the charge/discharge time is different, the longer the discharge time, the faster the surface temperature increases, up to 34%.