According to an aspect, a method includes generating, by a computer processor, thermo-fluid parameter estimates of a thermal management system (TMS) of an engine based on sensed parameters and monitoring for TMS component failures based on the thermo-fluid parameter estimates and the sensed parameters. Thermo-mechanical parameter estimates are generated based on selected thermo-fluid parameters. Life usage estimates and life usage rate estimates are generated based on the selected thermo-fluid parameters and the thermo-mechanical parameter estimates. Life usage rate targets are generated based on external commands and the life usage estimates. Limits and goals are modified based on the life usage rate estimates, failure flags, and the life usage rate targets. A model predictive control is applied to command one or more TMS control components based on thermo-mechanical model parameters, the failure flags, and the limits and goals.