A finite element analysis code was developed to accurately predict stress and damage fields in thermal barrier coatings (TBCs) systems subjected to thermo-mechanical loadings. An inelastic constitutive equation for TBCs, and a Chaboche-type viscoplastic constitutive equation for Ni-based super alloys (IN738LC) were employed to simulate high temperature creep and cyclic deformation. Simulations of the TBC/IN738LC system subjected to two types of loading, namely, a triangle-wave loading and a GT-operation loading, were performed using the developed analysis code. The results confirmed that the stress and damage fields in the TBC/IN738LC system could be simulated accurately, and provided us with credible results regarding the crack occurrence. Additionally, the analysis under the GT-operation loading conditions revealed that a peak stress generated during the start-up operation would lead to delamination of the TBC, while a peak stress at the shut-down would lead to cracking in the substrate.