Ultra-supercritical circulating fluidized bed (CFB) boilers have great commercial potential in large-scale clean utilization of low-quality fuels. Evaporator system is one of the keys in the combination of ultra-supercritical steam cycle with CFB combustion technology. Aiming at examining the thermal-hydraulic characteristic of the evaporator system of the conceptual design of a 660 MWe ultra-supercritical CFB boiler, a mathematical model was developed in this paper. A semi-empirical bed-to-wall heat flux model and a set of empirical correlations available for heat transfer and hydraulic resistance calculation were embedded in the thermal-hydraulic model. By iteratively solving the model, the thermal-hydraulic parameters of the evaporator system at different operating loads, including total pressure drops, mass flux distribution, and metal temperature were obtained. The results exhibit good flow distribution characteristic and low temperature deviations in the evaporator system. The outlet fluid temperature deviation and metal temperature in the evaporator system are both permissible, implying that the conceptual design of the evaporator system of the 660 MWe ultra-supercritical CFB boiler is acceptable.