Developing reliable tidal-energy turbines of a large size and capacity links to preservation of the structural safety and stability of the blades. In this study, a bidirectional fluid–structure coupling method was applied to analyze the hydrodynamic performance and structural characteristics of the blade of a tidal-stream turbine. Analyses were conducted on the transient and stable structural stresses, fatigue, and deformations under the influence of water depth and turbine rotational speed. The performance predictions with and without fluid–structure coupling are similar to measurements. The water-depth change has little effect on the stress and deformation change of the blade, while the turbine-speed change has the most significant effect on it. When the turbine just starts, the blade will be subject to a sudden change load. This is due to the increase in turbine speed, resulting in the sudden load. Similar to the trend of blade stress, the blade safety factor is lower near the root of the blade, and the turbine-speed change has a more significant impact on the blade structure’s safety. However, the number of stress cycles in the blade at different rotational speeds is within the safety range.