Considering the interaction between fan blades and the surrounding air when a cooling fan rotates, the Fluid-Structure Interaction (FSI) model of the fan is established, and flow rate, static pressure, efficiency versus speed of the fan are calculated and analyzed. The aerodynamic performance of the fan is carried out, and the measured performance parameters are compared with calculated to validate the developed model. Using the established model, the performance of fans with different rotating speeds, diameters and blade installation angles is calculated. The effects of fan speed, diameter and blade installation angle on blade deformation and aerodynamic performance are studied. It is showed that: (1) Stress and deformation on the fan blade surface have changed greatly considering the FSI effect, and the maximum stress and deformation of blades have increased; (2) Because of the uneven aerodynamic pressure, deformation of blade tips at the leading edge decreases, while deformation of the blade tip at the trailing edge increases, which reduces the blade tip installation angle; (3) If fan speed and diameter are increased, blade deformation increases, and the difference of aerodynamic performance before and after blade deformation increases; if the installation angle is increased, the static pressure of the fan increases firstly and then decreased. If the blades of a fan are deformed, the installation angle and the static pressure of the fan are decreased.