It is well known that the lithium diatomic molecule has important potential application in engineering, and industry. For this purpose, in this research, the thermal properties of the lithium diatomic molecule are theoretically calculated taking into account both an external magnetic field and Aharonov-Bohm (AB) flux. To this end, the interaction in the diatomic molecule is proposed as an improved Scarf ΙΙ potential model (ISPM). The Schrödinger equation is solved using an appropriate Pekeris-like approximation form for the centrifugal barrier and the energy spectrum and wave functions are obtained. Then, the partition function is obtained to study the thermal properties of the lithium dimer. The calculated thermal properties of 7Li2 (2 3Πg) in this work are mean energy, entropy, specific heat, enthalpy, and Gibbs free energy. Our theoretical results are also compared with the experimental data. The findings show that the obtained results are in good agreement with experimental data. Without considering the magnetic field and AB flux, the deviation of specific heat, Gibbs free energy, and enthalpy are 3.73%, 4.96%, and 5.31%, respectively. By considering the magnetic field and AB flux, we find that the deviation of the aforementioned properties are 1.91%, 2.04%, and 2.32%, respectively. Therefore, it is found that the external magnetic field and AB flux have great influences on the thermal properties of lithium.