The adaptive cycle engine gains significant attention due to its variable thermodynamic cycles and multi-duct characteristics, which are utilized for thermal management to enhance engine performance. This paper explores the features of multi-duct technology in adaptive cycle engines and aims to improve engine flight performance. An analysis is conducted on the impact of duct air bleed on engine propulsion characteristics, thermodynamic cycle properties, and exhaust system infrared radiation characteristics. Initially, a component-level model of the adaptive cycle engine was established, considering CDFS duct, bypass duct, and third duct air cooling devices. This model uses the ducted cold air to cool the temperature of low-pressure turbine exit, center cone wall, and main nozzle expansion section wall. Subsequently, a method for analyzing the infrared radiation of the engine exhaust system was proposed based on the above model, and the performance of engine components and the overall engine was analyzed in terms of energy, exergy, mechanical efficiency, and thermal efficiency. Finally, the numerical simulations of the propulsion performance, thermodynamic efficiency and infrared characteristics of the adaptive cycle engine with cooling air were carried out under conditions of ground takeoff, subsonic cruise, and supersonic cruise. The simulation results show that the cooling air can effectively enhance engine performance and infrared stealth capabilities under various flight conditions. The ducted air extraction measures proposed in the paper could effectively improve the propulsion efficiency and stealth characteristics of the engine, providing important references for the development of more efficient aeroengine.