Previous lubrication and wear analysis for the planetary roller screw mechanism (PRSM) has mainly concentrated on the isothermal conditions without considering temperature rise. However, the PRSMs applied in aviation and aerospace always operate in intensely varying thermal conditions with intricate thermal convection and thermal radiation environments. For this purpose, a modified Archard wear model is established by incorporating the entraining speed of threads and the load distribution, considering axial thermal errors. The variation of bulk temperature is characterized by the thermal network model (TNM). The modified Weierstrass–Mandelbrot (W-M) function is used to evaluate the lubrication conditions of the machined surfaces. Meanwhile, the contact flash temperature, wear depth, and precision loss rate are investigated in dry contact and lubricated phrase for mixed thermal elastohydrodynamic lubrication (TEHL) point contact. The results reveal that the temperature rise has a more pronounced influence on the precision maintenance capability compared to the uneven load sharing. The wear results are also compared to previous experimental simulation obtained using a rolling-sliding tribometer that utilize a rolling wheel on a rotating disk with similar patterns. It indicates that the wear life span of PRSMs can be improved by reasonable machining trajectory, thermal management, and lubrication parameters.