In this study, two finite element (FE) models were developed to evaluate the thermal characteristics of a feeding axis of a CNC lathe. One was used for analysis of heat transfer to identify the temperature distribution of the feeding axis and then, the other was used for analysis of thermal deformation to evaluate its structural behavior based on the temperature distribution. The FE models were based on the test standard for the axial thermal displacement. The feeding velocity was composed of three steps: the ascending, constant, and descending velocities. Therefore, the heat generation and convection coefficient were calculated for each velocity and applied to the thermal FE model. The convection coefficient for the ball screw rotation was based on an experimental equation. The result of the analytical thermal displacement was compared with that of the experimental displacement to verify the finite element models.