Variable-temperature convective drying (VTCD) is a promising technology for obtaining high-quality dried mushrooms, particularly when considering rehydration capacity. However, accurate numerical models for variable-temperature convective drying and rehydration of shiitake mushrooms are lacking. This study addresses this gap by employing a model with thermo–hydro and mechanical bidirectional coupling to investigate five dehydration characteristics (moisture ratio, drying rate, temperature, evaporation rate, and volume shrinkage ratio) and a drying load characteristic (enthalpy difference) during VTCD. Additionally, a mathematical model combining drying and rehydration is proposed to analyze the effect of VTCD processes on the rehydration performance of shiitake mushrooms. The results demonstrate that, compared to constant-temperature drying, VTCD-dried mushrooms exhibit moderate shrinkage rates and drying time (16.89 h), along with reduced temperature variation and evaporation rate gradient (Max. 1.50 mol/(m³·s)). VTCD also improves enthalpy stability, reducing the maximum drying load by 58.84% compared to 338.15 K constant-temperature drying. Furthermore, drying time at medium temperatures (318.15–328.15 K) greatly influences rehydration performance. This study quantitatively highlights the superiority of variable-temperature convective drying, offering valuable insights for optimizing the shiitake mushroom drying processes.