Liquid metal battery (LMB), with three-liquid-layer structure and high operating temperature (300–700 °C), is a newly emerging technology for large scale energy storage applications. A thermal management system is critical to achieve satisfied LMB performance and extend the life of batteries. In this work, an improved coupling model composing of a 3D heat-transfer model and a 1D electrochemical model is developed for the thermal analysis of a Li||Sb–Sn LMBs module (5.5 kWh). Key results including transient values, the contribution ratio of heat sources, temperature homogeneity and distribution, as well as the energy efficiency of the battery module, are presented. Based on the coupling model, the changeable-power-heating mode, sand filling material and vacuum insulation are further proposed to achieve the high energy efficiency and optimal performance of the LMBs module. Moreover, the LMBs module can achieve “self-heating” when operated at 0.2 C charge/discharge, under the vacuum insulation (0.01 W m−1 K−1 thermal conductivity, 100 mm thickness), requiring no external heating to keep the batteries at operating temperature.