With the increase in the modulation rate of thin-film lithium niobate (LiNbO3, LN) modulators, the multi-physical field coupling effect between microwaves, light, and heat becomes more significant. In this study, we developed a thin-film LN modulator model using undoped pure LN thin film and T-shaped slow-wave electrodes. Furthermore, we utilized this model to simulate the microwave heating and light heating situations of the modulator. The temperature of the LN modulator was analyzed over time and with different signal frequencies. We also studied the influence of temperature rise on microwave and light signals, and we analyzed the change of S parameters and the Phase Shift of the light signal caused by temperature rise. Finally, we improved the thermodynamic characteristics of the modulator by adding a diamond heat dissipation layer. The diamond was obtained through the Chemical Vapor Deposition (CVD) technique and was a polycrystalline diamond. After adding the diamond heat dissipation layer, the temperature rise of the modulator was significantly improved, and the adverse effects of temperature rise on microwave signals were also significantly reduced.