In response to the challenging difficult-to-deform of magnesium foils, a high-efficiency and high-precision electro-rolling temperature field coupled model is established. This model is designed to simulate the non-annealing electric rolling (NAER) process of Mg foils under conditions of high current density, rapid temperature rise rates, and large temperature gradients. Firstly, a coupled temperature field difference model for the guide roller, roll, and Mg foil is established, based on the equipment for NAER and the electrification conditions. The Joule heat, distortion heat, and friction heat in the electric rolling process were precisely considered. Secondly, considering the peculiarity of the heat source and the heat transfer mechanism during NAER, the influence of the dynamic boundary conditions on the instantaneous temperature of the Mg foil was analyzed, which was closer to the actual situation. The experimental results show that the original model can accurately simulate the transient temperature change in Mg foils during NAER, and the error between the predicted value and the measured value is within 7.1%. According to the calculation of the model, the microstructure of completely recrystallized magnesium foil with a grain size of 4.61 μm and a texture strength of 11.3 can be obtained at an inlet temperature of 250 °C.