The China initiative Accelerator Driven System (CiADS) and the corresponding lead-bismuth eutectic (LBE) cooled subcritical reactor, as the research subject of one of the major national science and technology infrastructure projects, are undertaken by the Institute of Modern Physics-Chinese Academy of Sciences (IMP-CAS). And in the first phase, UO2 fuels will be loaded in the subcritical core to test the coupling technology and achieve a long-term steady operation. A brief description of CiADS subcritical reactor, fuel assembly and fuel element are presented here, and a multi-physics performance analysis and design evaluation of CiADS UO2 fuel are carried out by means of the FUTURE code. FUTURE is a fuel performance analysis code to evaluate the synergy of phenomena occurring in the fuel element and their impact on the fuel design improvement for the liquid metal fast reactor, which was developed jointly by IMP-CAS and Xi’an Jiaotong University (XJTU). In this paper, the FUTURE code was modified and updated focusing on characteristics of CiADS fuels. Relocation and densification models were added. Results of the hottest fuel element, mainly concerning the thermo-mechanical behaviors, are discussed concerning both fuel and cladding performance on the basis of indicative design limits. According to the preliminary design, the CiADS UO2 fuel exhibits good performance, and the main safety parameters are far below the indicative limits. The Fuel Cladding Mechanical Interaction (FCMI) is not very serious, and the permanent cladding strains and Cumulative Damage Fraction (CDF) are small and even negligible thanks to the low level of fuel temperature and corresponding stress. However, some critical issues may still exist, especially on LBE corrosion near the coolant inlet, where protective oxide layers are very thin from BoL to EoL. The modeling is useful for providing feedback to the conceptual design of the CiADS LBE-cooled subcritical reactor and the update of FUTURE code.