A mathematical model of a flat-plate solar collector was developed on the basis of the physical principles of optics and heat transfer in order to determine collector’s component temperatures as well as collector efficiency. In contrast to many available models, the targeted use of this dynamic model is the detailed, theoretical investigation of the thermal behaviour of newly developed or adjusted collector designs on component level, for example, absorber, casing, or transparent cover. The defined model is based on a multinode network (absorber, fluid, glazing, and backside insulation) containing the relevant physical equations to transfer the energy. The heat transfer network covers heat conduction, convection, and radiation. Furthermore, the collector optics is defined for the plane glazing and the absorber surface and also considers interactions between them. The model enables the variation of physical properties considering the geometric parameters and materials. Finally, the model was validated using measurement data and existing efficiency curve models. Both comparisons proved high accuracy of the developed model with deviation of up to 3% in collector efficiency and 1 K in component temperatures.