Through the sufficient analysis of heat transfer mechanisms between multi-thermal fluid and formation, the flow and heat transfer models of multi-thermal fluid in three different horizontal wellbores (single-string wellbore, concentric dual-string wellbore, and parallel dual-string wellbore) were developed here. It sufficiently considered the influences of wellbore temperature and pressure on the physical properties of multi-thermal fluid. Then, using the node analysis method, these models were solved, and thus, a parametric sensitivity analysis process was carried out. Thereafter, the models were validated from the test data of a dual-string horizontal well in Junggar basin.