This paper discusses the heat transfer process for a typical stator–rotor machinery-hydrodynamic retarder from the perspective of computational fluid dynamics and experimental means. Fluid cooling is an essential step in the working process of hydrodynamic retarders, and changes in viscosity along with temperature rise will affect the performance of braking. To investigate the heat transfer process of stator–rotor machinery, a novel computational fluid dynamics (CFD) method, combined with a dynamic thermophysical property transfer algorithm, is proposed. A heat-flow coupling numerical method with experimental verification is proposed, in which the density and the viscosity are variable with the temperature in an effectiveness–number of transfer units (P-NTU) method. The results show that the numerical results are in good agreement with the experimental data, with a 0.1–2.5% error. The influence of an asymmetric structure on heat transfer characteristics is discussed. The results show that the optimal braking performance, along with the liquid cooling performance, is achieved under outlets with an inlet passage set as 90 degrees.