The simulation of a thermionic space reactor core necessitates a comprehensive consideration of the intricate interplay between fluid flow, heat transfer, and thermionic energy conversion, constituting a multi-physics coupling challenge. Given the absence of a thermionic conversion model in contemporary CFD (Computational Fluid Dynamics) codes, accurately simulating the thermal–hydraulic and thermo-electric behavior of thermionic reactors in existing CFD software is particularly challenging. To analyze the multi-physics coupling phenomena in thermionic reactors, this paper revises the conjugate heat transfer solver in the proprietary 3D (three-dimensional) finite-volume CFD code, mFVM (modular Finite-Volume Method Code), to enable bidirectional coupling with the thermionic conversion model. This enhancement aims to predict the high-resolution three-dimensional temperature field and thermoelectric characteristics of the thermionic reactor core. Furthermore, a reduced-order multi-physics model of the thermionic reactor core is established using RESYS (Reactor System Simulation Code). The numerical simulation outcomes for both the high-resolution and reduced-order multi-physics models, pertaining to electrically heated and fission-heated TFEs (Thermionic Fuel Elements), are validated against experimental data. The results indicate that the emitter electron cooling effects caused by thermionic emission reduced the maximum temperature of emitter by about 200 K for both electrically heated and fission-heated TFE. Therefore, a bidirectional coupling between the thermal–hydraulic model and the thermionic conversion model is essential for precisely calculating the temperature field within the TFE and the thermionic reactor core. Thereafter, both the high-resolution model and the reduced-order model are utilized to investigate the thermal–hydraulic and thermoelectric characteristics of the TOPAZ-II reactor core. The calculated electrical power of the TOPAZ-II reactor is 5.39 kWe using the mFVM model and 5.47 kWe using the RESYS model. Finally, an analysis of the thermoelectric conversion characteristics based on the simulation results of the reduced-order model reveals that the TOPAZ-II reactor system is capable of load-following only when the load resistance exceeds 0.06 Ω under nominal full power operation conditions.