Hot streaks and rotor–stator interaction have a great influence on the aerothermal performance of turbine blades. Previous investigations have conducted limited study of the film-cooled blade. To investigate the combined effects of a hot streak and rotor–stator interaction on the coated blade, an unsteady numerical simulation has been conducted with an efficient unsteady Navier–Stokes solver in this paper. The numerical results at four different relative stator–rotor locations (t = 0/4 T, 1/4 T, 2/4 T, and 3/4 T) have been investigated in one stator period. Compared with the stator, rotor–stator interaction exerts a significant impact on the cooling performance of the rotor blade under hot streak inlet conditions. The overall cooling effectiveness distribution of the coated rotor blade is similar to that of the uncoated blades in one stator period. Relatively lower overall cooling performance of the rotor blade can be observed in the 1/4 stator period. Then, the cooling performance begins to increase and relatively larger cooling effectiveness can be observed in the 3/4 stator period. The addition of a TBC is generally beneficial to the improvement of blade surface cooling performance, especially for the areas with low overall cooling performance. However, a negative cooling effectiveness increment can be observed at the trailing edge. It shows that for an area with poor cooling performance, the addition of thermal barrier coating will have the opposite effect. Therefore, it is necessary to enhance the design of cooling arrangements at the trailing edge to maximize the insulation performance of TBCs for the coated rotor blade.