The accurate prediction of wellbore temperature and pressure is important for safe drilling. However, annulus temperature and pressure changes are more complicated due to phase transition. To study this problem, a prediction model of temperature and pressure in deep water riserless drilling is established by considering hydrate cuttings decomposition, interphase mass transfer, and phase transition heat. Based on this model, the effects of hydrate cuttings decomposition on the temperature and pressure of drilling in a hydrate reservoir are explored. The results show that the influence of hydrate cuttings decomposition increases significantly with an increase in the inlet temperature. The influence of hydrate cuttings decomposition on temperature and pressure decreases with an increase in displacement. A small range in the variation of density and penetration rates has little impact on the annulus pressure but mainly affects the temperature. The influence of hydrate cuttings decomposition increases with an increase in the penetration rate. In normal drilling conditions, hydrate cuttings decomposition has little impact on annulus temperature and pressure, but under the conditions of a high inlet temperature, high hydrate saturation, low displacement, and high penetration rate, it is necessary to consider the impact of hydrate cuttings decomposition. This study can provide reference for the prediction of temperature and pressure in deep water hydrate reservoir riserless drilling.