A high-speed permanent magnet motor is the core driving component of a centrifugal air compressor. The power of the centrifugal air compressor is output by the motor. Its safety and reliability are embodied in the stability of the rotor structure, which greatly affects the stability and working efficiency of the centrifugal air compressor. Much research has focused on the material strength, structural characteristics, and fit clearance of a high-speed rotor, whereas few research articles have focused on the influence of interference fit of high-speed and ultra-high-speed permanent magnet motors, and there is also little research on the thermal failure caused by temperature in high-speed motors. In this paper, the influence of the interference fit and temperature of the high-speed permanent magnet motor is studied. Using finite element analysis conducted by Ansys to obtain simulation data, the influencing factors of the strength of the interference are analyzed comprehensively in the centrifugal compressor rotor system. The interference value and rotational speed range are determined via numerical calculation. Under the condition of minimum interference, when the calculated speed reaches 137,628.82 rpm, the structure of the rotor is loose and fails, which is a mechanical failure caused by the relative sliding of the magnet and the sheath. The calculated speed value differs from the simulation result by about 1.2%. The simulation results show that the maximum stress of the structure can be reduced from 1186.1 MPa to 308.42 MPa by adding chamfer to the end covers in interference fit structure. The effects of interference value, rotational speed, temperature, and sheath thickness on the structure are also analyzed. From the perspective of temperature on structural reliability, the failure temperature of the structure decreases when the interference value increases. The lowest failure temperature is 182.3 °C when the interference value is 70 μm. After that, the interference value increases and the failure temperature increases. The reason for this is the interaction between radial stress and contact stress. These results are caused by the interaction between interference fit and temperature, which should be paid attention to when the structure of a high-speed permanent magnet motor is designed.