Steam reforming is an effective method for improving heat sinks of hypersonic aircraft at high flight Mach numbers. However, unlike the industrial process of producing hydrogen with a high water content, the catalytic steam reforming mechanism for the regeneration cooling process of hydrocarbon fuels with a water content below 30% is still unclear. Catalytic steam reforming (CSR) and catalytic thermal cracking (CTC) reactions occur at low temperatures, with the main products being hydrogen and carbon oxides. Thermal cracking (TC) reactions occur at high temperatures, with the main products being alkanes and alkenes. The above reaction exists simultaneously in the regeneration cooling channel, which is referred to as partial catalytic steam reforming (PCSR). Based on the experimental measurement results, an improved neural network correction method was used to establish a four-step global reaction model for the PCSR of n-decane under low water conditions. The reliability of the four-step model was verified by combining the model with a numerical simulation program and comparing it with the experimental results obtained by electric heating hydrocarbon fuels with a pressure of 3 MPa and a water content of 5/10/15%. The experimental and predicted results using the developed kinetic model are consistent with an error of less than 5% in the decane conversion rate. The average absolute error between the fuel outlet temperature and total heat sink is less than 10%. Using the PCSR model to predict the heat transfer characteristics of mixed fuels with different water contents, the convective heat transfer coefficient is basically the same, and the Nu number is affected by the thermal conductivity coefficient, showing different patterns with changes in the water content.