A mathematical model has been refined to determine the thermophysical and thermomechanical processes on electrodes during the plasma formation of nanostructures. The model takes into account the effects of electrode spots, evaporation, sputtering, and thermal stresses in the electrode bodies. Calculations of temperature distribution on the surfaces of the graphite cathode and anode were carried out, considering the conditions necessary for obtaining nanostructures. An analysis of the thermophysical processes on the surfaces of the graphite cathode and anode during the transition to the working regime was conducted. The stability of the electrodes during plasma generation of nanostructures was determined by changes in the geometry of the electrodes. Calculations of the temperature fields on the end surface of the graphite cathode showed that with a continuous increase in the cathode surface temperature, the nature of its distribution does not change fundamentally. Calculation of temperature fields along the radius of the graphite cathode at different moments in time during the transition to the working regime showed a slight impact of evaporation on the change in the cathode's geometry. Determining the temperature fields along the generatrix of the anode showed the greatest impact of evaporation on the small area of the anode closest to the cathode. The dependencies of the acting stresses on temperature for the graphite cathode and anode were obtained. Studies of the dynamics of changes in thermal stresses on the electrodes during the formation of nanostructures in a plasma environment indicate that the values of thermal stresses are far from the material's strength limit. A theoretical study of the thermophysical and thermomechanical processes on the graphite cathode was carried out and compared with experimental measurements. The calculation of the electrodes' lifespan during the creation of carbon nanostructures in a plasma environment was 2.52∙105 s. The experimental lifespan of the graphite cathode is 2.88∙105 s, which is quite close to the calculated value. The coincidence of the obtained theoretical and experimental results indicates the viability of the developed model. The article may be of interest when designing equipment for obtaining nanostructures in a plasma environment and for further research on the physical parameters of electrodes.