With the shift of oil and gas exploitation to deep seas, the 35 kV high-voltage electric slip ring in Single-Point Mooring (SPM) systems faces critical challenges of insulation failure and thermal failure, threatening operational safety. This study aims to investigate its insulation strength and temperature rise characteristics. A three-dimensional electric field model and a magnetic-thermal coupling model considering the skin effect were established using the finite element method (FEM). Simulations were conducted under four high-voltage configurations and various high-current operating conditions, followed by AC breakdown tests and high-current temperature rise experiments for validation. Results show that the maximum electric field (up to 19.53 kV/mm) concentrates at the inlet PTFE bushing, which is the insulation weak point. The maximum temperature rise at the center ring can be predicted by a power-law model. Moreover, simulation results agree well with experimental data, confirming the reliability of the computational studies. This work provides a theoretical and experimental basis for the optimal design and safe operation of high-voltage slip rings in offshore SPM systems.