A thermo-mechanical coupled finite element model was established, where the developed linear mixture thermal expansion model, the modified Avrami transformation dynamics model, and the Leblond transformation induced plasticity(TRIP) model were combined considering thermal expansion, transformation dilatation, TRIP effect, and so on. The influence of latent heat, TRIP effect and laminar cooling on temperature and residual stress was investigated quantitatively during symmetrical controlled cooling of X65 pipeline heavy plate with 1 mW/(mm2·K) laminar cooling coefficient on both top and bottom surface. The results showed that latent heat enhances about 43°C and slows the decreasing of temperature significantly during phase transformation. The peak value of residual stress, 119 MPa and -91 MPa, is induced due to latent heat, meanwhile, 87 MPa and -60 MPa due to TRIP effect. Latent heat decreases the peak value of overall residual stress, namely tensile stress 73 MPa and compressive stress 119 MPa, and a similar effect for TRIP, 47 MPa and 3 MPa. Laminar cooling, which is the key factor to control the temperature difference between surface and inner layer of X65 pipeline heavy plate, causes a significant temperature difference with Max 167°C.