The thermal error caused by the temperature rise in the service condition of the hydrostatic turntable system has a significant impact on the accuracy of the machine tool. The temperature rise is mainly caused by the friction heat of the bearing and the heat of the oil pump. The amount of heat mainly depends on the working parameters, such as the oil supply pressure and the oil film gap. The unreasonable parameter setting will cause the reduction in the internal flow of the hydrostatic bearing and the increase in the oil pump power, which makes the heat of the lubricating oil increase and the heat dissipation capacity decrease during the movement. Based on the established hydrostatic turntable system, in order to explore the main influencing factors of its thermal error, the temperature field model of the component is established by calculating the thermal balance of the key components of the system. The thermal coupling analysis of the component is carried out by using the model, and the temperature rise, deformation and strain curves of the hydrostatic turntable system under different service conditions are obtained. The results show that with the increase in the temperature, the deformation and strain of the bearing increase monotonously. For every 1 °C increase, the total deformation of the bearing increases by about 0.285 $\mathsf{\mu }\mathrm{m}$. The higher the oil supply pressure, the higher the temperature rise in the system. The larger the oil film gap, the lower the temperature rise in the system. The oil supply pressure has a greater influence on the temperature rise and thermal deformation than the oil film gap. This study provides a valuable reference for reducing the thermal error generated by the hydraulic turntable of the ultra-precision lathe.