This paper established a three-dimensional transient MHD model of a high-current multi-component vacuum arc under a transverse magnetic field (TMF) to simulate the dynamic characteristics of plasma parameters in the uniform motion mode of a contracted arc under lower TMF. The model considered the ionization–recombination process among the multi-components and used the P1 model to calculate the thermal radiation losses. The simulation results show that the ion number density of The TMF arc is on the order 1024 m−3, and when the plasma temperature reaches 4.3 eV, the effects of thermal radiation cannot be ignored. The majority of the plasma from the cathode and anode undergo acceleration and then deceleration before finally intersecting at the center of the arc, creating an extreme value of the density and the pressure, where a large amount of kinetic energy is converted into internal energy. The arc will be bent and deflected under the action of the ampere force, and the deflection of Cu3+ is especially obvious. The TMF affects the collision strength of the jet in the intersection area and, thus, affects the ion density, in which the change of Cu2+ is dominant. The ionization–recombination process of ions is mainly determined by the electron temperature, which is affected by the arc current. As the current decreases, Cu1+ increases and Cu2+ and Cu3+ decrease, and the change in ionization rate is the main reason for the change in the proportion of each ionic component; the heat flux density to the anode and cathode is on the order of 1010 W/m2, which heats the front of the arc and ensures the stable movement of the arc. Meanwhile, due to the high ion number density, the ion heat flux accounts for the main part of the heat flux, and the anode exhibits a higher proportion of ion heat flux.