Battery thermal management (BTM) based on immersion liquid is a novel and promising technology due to its excellent thermal performance. However, the natural convection characteristics of immersion liquid are crucial yet often neglected for the design of immersion-based BTM. In this study, a typical BTM unit and module are designed utilizing a multi-component oil as the immersion liquid. To characterize the effect of natural convection, a rigorously validated model coupled with heat transfer and natural convection is developed. For the BTM unit, the impact of varying space occupied by immersion liquid is investigated. The increase in the thickness of the immersion liquid progressively enhances the natural convection effect. The Grashof number in the vertical interlayer of finite space helps assess the strength of natural convection of the BTM unit. Furthermore, a comparison of the BTM module with and without natural convection is performed. The results show that the natural convection effect enhances heat dissipation but reduces thermal uniformity in static mode. When the thickness of immersion liquid is 10 mm, the natural convection effect results in a decrease of 1.4 °C in the average battery temperature. Meanwhile, the battery temperature difference increases from 1.27 °C to 3.14 °C, and the average temperature of the terminals and busbars increases by >1 °C. This study can provide a foundation and reference for the BTM design based on immersion liquid.