The outer diameter finishing grinding process required for ferrules, which are widely used as fiber optic connectors, is carried out by high-precision centerless grinding machines. In this study, the thermal characteristics of such a machine, for example, the temperature distribution, temperature rise, and thermal deformation, were estimated based on a virtual prototype and the heat generation rates of heat sources related to normal operating conditions. The prototype consisted of a concrete-filled bed. hydrostatic grinding wheel (GW) and regulating wheel (RW) spindle systems, a hydrostatic RW feed mechanism, a RW swivel mechanism, and on-machine GW and RW dressers. The reliability of the predicted results was demonstrated using temperature characteristics measured from a physical prototype. The predicted and measured results indicated that this particular high-precision centerless grinding machine had very stable thermal characteristics.