In this study, a new comprehensive fully coupled elastic-hydrodynamic model is developed for a multi-layer gas foil thrust bearing (GFTB). The interaction effects among the top foil, back board, middle foil, and bottom foil, as well as the Coulomb friction effect, are considered. The stiffness and static characteristics obtained by the experimental and theoretical approaches are in good agreement, which verifies the accuracy of the model. The contribution of each foil layer to the overall stiffness and the load-carrying mechanism are analyzed. Interaction effects of the load, preload, and rotational speed on the static performance are investigated comprehensively. Furthermore, start-stop tests are performed to achieve the lift-off speed, start-up torque, and shut-down torque under various operating conditions.