The real-time hydraulics model is one of the most important methods for modern drilling engineering to predict downhole conditions. This paper analyzes the influencing factors of real-time hydraulics model and a set of wellbore real-time hydraulic calculation and analysis model is established. The model takes into account the effect of drill string rotation on the velocity distribution. The model includes the wellbore annular pressure and equivalent circulating density. At the same time, by using the established hydraulic calculation and analysis model, the calculation results are more close to the actual underground situation according to the parameter changes along with the different temperatures and working conditions, which makes this model more practical.