To address the challenges faced by designers of multi-field coupled cooling systems for high heat flux chips, this paper proposes a “near-source” microchannel cooling strategy and establishes a thermal–flow-force electrically coupled model for chips. The effects of chip Joule heat and cooling water flow rate on the cooling performance with respect to multi-field coupling effects were studied. The impact of multi-field coupling effects was revealed, and a method for enhancing microchannel cooling performance in light of multi-field coupling effects is proposed. The results indicated that considering multi-field coupling effects in the microchannel cooling process leads to a deterioration in the thermal performance of chips, accompanied by a significant increase in electrical fluctuations and thermal deformation amplitude. Compared to chips upstream of the cooling water, chips downstream subjected to thermal cascade effects were more sensitive to multi-field coupling effects. Moreover, the temperature variance index, output current, and strain energy density of high heat flux chips were positively correlated with Joule heat but inversely proportional to the Reynolds number of the cooling water for cases in respect of multi-field coupling effects. Additionally, serpentine microchannels maximized the operational performance of high heat flux chips by reducing temperature of chip by up to 55.1%, decreasing strain energy density by 96.7%, and increasing input potential by 120%.