Litz wires are employed in high-frequency electrical machines due to their advantages of reducing the AC losses, including minimizing the skin effect and the proximity effect. In order to improve the reliability of such machines, and enable accurate thermal predictions at the design stage, accurate calculation of the thermal conductivity of Litz wire is important. In this paper, a calculation method based on the Gasar porous metal materials model is put forward. In this method, a cell model is extracted from the Litz wire, and a thermal resistance network is used to calculate the equivalent thermal conductivity. Following this, two FEA models for the same Litz wire are built, one with actual thermal conductivities for the different constituent materials and another with the calculated equivalent thermal conductivity for an equivalent material, with the two models showing similar thermal characteristics. Finally, an experimental setup is built for measuring the steady-state equivalent thermal conductivity of Litz wire. The apparatus structure and characteristics are described in detail, and the experiment uncertainty and measurement errors are analyzed. Three types of Litz wire are measured in the experimental, and the results from experiment and calculation are consistent.