An analytical solution for the temperature distribution of HTS power cable is derived. In the counter-flow configuration, the heat transfer between liquid nitrogen and the HTS layer is considered to derive the exact solution with the internal thermal diffusion effect. The temperature distribution of the proposed analytic solution is compared with that of the numerical analysis, which considers the variation of the thermodynamic properties of liquid nitrogen. The maximum temperature of the HTS layer is estimated regarding the variation of the HTS cable geometry and the flow rate of the coolant. The results suggest that the smaller diameter of the inner channel and the larger flow rate are beneficial for cooling the HTS cable unless the pressure drop is prohibitively significant. Furthermore, the results show that the multilayered configuration with a thermally insulating material in the HTS layer effectively lowers the maximum temperature. The parametric studies and their technical importance are further elucidated in the paper.